Women tend to fall behind men when it comes to financial wellness, and this pandemic is no different. While millions of Americans are concerned about protecting their credit during the coronavirus pandemic, women are being impacted especially hard.
The coronavirus pandemic is impacting all genders, ethnicities, and socioeconomic backgrounds. But some are facing greater financial challenges as they wait for the economy to rebound. Almost 90 million Americans are worried about their credit scores and whether they will be damaged before the crisis is over.
Women in particular are fearful of losing ground; they are 21% more likely than men to expect that their debt levels will increase as a result of the coronavirus pandemic, according to a new WalletHub survey1. In addition, women earn less and generally have a less secure financial safety net than men. The coronavirus pandemic has been especially damaging to women who are more likely than men to be employed in the service, hospitality, and retail industries that have been disproportionately affected by coronavirus shutdowns and work-at-home mandates. In fact, The New York Times has even coined the term “shecession”2 to refer to the negative economic impact of the pandemic on women, a reference to the fact that “a majority of the jobs lost in April were held by women.”
It’s normal to feel anxious when the future is uncertain. That’s why it’s especially important for women to take concrete steps to protect their credit, so we don’t lose financial ground during the crisis. Here are 5 simple steps you can take to protect yourself and be prepared for the economic rebound.
Ensuring you have a strategy for keeping your credit score as high as possible will provide long-term benefits as we get to the other side of this crisis. Reach out to your advisor if you have any concerns about your individual situation.
1 ‘Coronavirus Credit Score Survey & Tips to Protect Your Score,’ WalletHub, May 6, 2020,
2 ‘For the First Time in Decades, This Recession Is a ‘Shecession,’ The New York Times, May 9, 2020, https://nyti.ms/35R7OM1
3 ‘Help for Credit Cards & Loans by Financial Institutions During COVID,’ WalletHub, May 5, 2020,
4 ‘If you’re skipping your mortgage payments, watch out for this costly mistake,’ MarketWatch, May 3, 2020, https://www.marketwatch.com/story/the-no-1-mistake-to-avoid-if-youre-skipping-your-mortgage-payments-2020-04-28?mod=article_inline
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