Recession Now Affecting Women More Than Men
BOSTON (CBS) – Men and women are not created equally, at least when it comes to job cuts during the recession. Over the last four years 82% of the jobs that were eliminated were in industries like construction and manufacturing, sectors dominated by men.
As men lost jobs, women grew to be 47% of the nation’s bread winners, closing the historic gender gap in the work force. But some experts believe the tide may be turning.
“The reason that now, today, four years later we’re seeing that women are being disproportionately affected is because of the measures that our government is taking to address the recession,” explained Anika Rhaman of the Ms. Foundation. “We are cutting jobs in the sectors where women are employed: social services, health and education,” she said.
WBZ-TV’s Paula Ebben reports
Now more than ever, everyone needs to take concrete steps to guard against uncertainty. Here are a few suggestions.
Beef Up Your Savings: Experts say your emergency fund should have at least 6 to 12 months of income.
Pay Down Debt: While you are still getting a paycheck, it’s important to get rid of all your consumer debt. This means debt like credit card balances as opposed to your mortgage.
Stay on Top of Retirement: Keep contributing to your IRA or 401k even if you have a pension. It’s critical to put away as much money as you can while you are employed.
According to a Pew Research study, men have gained more than 700,000 jobs while women continue to lose jobs.
“In the first part of the recession people called it a ‘man-session’,” Rhaman said. “What we found now is it’s become a ‘women-session’”.