A study by the Institute for Fiscal Studies showed that women are more likely to experience the negative impacts of sector shutdowns: Women were about one third more likely than men to work in a sector that is now shut down. The lower-paid sectors of retail and hospitality are amongst the most affected by COVID-19 and because women employees are disproportionately represented in these sectors, their earnings have been more affected.
Furthermore, the younger generation is more likely to be struck by the negative economic impact: More than 78 per cent of those who have lost their jobs since the crisis began are women and two thirds are between 18 and 34, according to data from PWC.
The data is corroborated by an analysis from McKinsey that estimates that women’s jobs are 1.8 times more vulnerable to this crisis than men’s, as women represent 39 percent of global employment but account for 54 percent of overall job losses. One reason for this greater effect on women is that the virus has significantly increased the burden of unpaid care, which is disproportionately carried out by women.
Even before the pandemic and its economic impacts hit our society, women faced a tougher time in the job market, while work that is usually carried out by women lacked proper recognition. A global health and economic crisis made the need for action even more urgent. It is important for women to stand by one another and participate in nurturing opportunities for growth and support.
“As markets fall and businesses close, millions of women’s jobs have disappeared. At the same time as they are losing paid employment, women’s unpaid care work has increased exponentially as a result of school closures and the increased needs of older people,” wrote UN Secretary General Antonio Guterres in a statement urging governments and authorities “to put women and girls at the centre of efforts to recover from COVID-19”
This October, we have partnered with the ‘Brilliant Breakfast’, a nationwide fundraising initiative founded by Annoushka Ducas MBE, Founder of Annoushka Jewellery and Patron of The Prince Trust’s Women Supporting Women Initiative, aimed at supporting young women across the UK during these difficult times and helping create more positive prospects for women’s futures via training, education and employment opportunities. The Prince’s Trust aims to raise £10 million over the next five years, which will change the lives of over 6,500 more incredible young women.
On 13 October, we will host our online virtual Brilliant Breakfast in the form of a panel discussion with some amazing women who will share their experiences and challenges during hard times hopefully inspiring many others to stand up and fight for their dreams.
Join us in this special event, share your experience, raise your questions and show your support to women.
We can’t wait to see you there!
#COVID19 could reverse the limited but important progress that has been made on gender equality and women’s rights.— António Guterres (@antonioguterres) April 9, 2020
Women’s leadership and contributions must be at the heart of #coronavirus resilience & recovery efforts.https://t.co/ZrwlsbwIZc pic.twitter.com/iyJeFOoF7p