COVID-19 is having unexpected consequences for both the economy and capital markets. One surprise effect is, unlike during most economic downturns, during the COVID-19 pandemic women’s careers and finances are disproportionately at risk.

Typically, during recessions men are the first to lose their jobs because of their higher employment in recession-prone industries such as manufacturing and construction. During the COVID-19 downturn, however, women have been more affected because they are more likely to work in service sectors which have been hit hard by mandatory shutdowns. Women accounted for 60 percent of the initial pandemic layoffs, according the US Department of Labor.

Moreover, with school closings, women have been saddles with additional childcare responsibilities just as they are struggling with new career and financial challenges.

On top of this, women are very often taking the lead in caring for COVID-19 patients, in their vital role as both healthcare workers and caregivers for family members who are recovering from the COVID-10 health impacts.

However, in face of these challenges women are stepping up their financial planning. For example, more and more married women say they are taking a bigger role in their families’ long-term financial planning. 64% of married women say they have a greater interest in discussing financial planning with their spouse due to Covid-19. Similarly, 63% said the crisis has affected how they think about money, and 51% said they intend to discuss their inheritance plans with their children because of the virus.(1)

Women will also likely be proven the savvier investors during these uncertain times. Research shows women are better at managing risk and are less likely to trade aggressively during tumultuous market events.(2)