The prolonged crisis has caused women to be 'more financially pessimistic' – here's why
Despite regaining jobs at a faster rate, Canadian women are reporting lower levels of confidence than men when it comes to their career and finances, according to a new study of COVID-19’s impact on careers.
On LinkedIn’s Workforce Confidence Index, women in Canada posted an overall score of +27 on a scale of -100 to +100. The rating is significantly lower than the score of +42 of Canadian men.
But what factors might be causing women to lose their confidence at work?
A deeper look at the struggles of women and men shows women growing more concerned about their financial well-being in the next six months – and this may be hurting their confidence the most.
- Only 24% of women expect their personal savings to increase over the period.
- Only 20% see their income rising during the pandemic.
- Only 16% expect to contribute more to their retirement accounts in the months ahead.
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The index measures employees’ outlook and enthusiasm based on three factors: job security, career outlook and personal finances. In all three categories, however, women had a grim forecast.
Women reported a confidence level of +42 when it came to job security, compared with men who scored +58. The same trend could be seen in their career outlook: women scored +20 and men +36.
The prolonged crisis has caused women to be “more financially pessimistic” than men. In terms of personal finances, women had a confidence level of only +17 compared with men who scored +32.
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Apart from financial struggles, mental health concerns during the pandemic have also affected women and men differently, based on data collated by LinkedIn.
Nearly seven in 10 Canadians have been feeling increasingly isolated amid the crisis, while about six in 10 are now more stressed and anxious than ever.
Women (77%), however, are more likely to wrestle with feelings of isolation than men (60%), and experience greater stress and anxiety (68%) than their male colleagues (49%).