Researching articles for Mother's Day, I began to think a lot about the societal assumption that Mom is the family CEO, juggling multiple roles of primary caregiver, wage earner, tech support and chef. Most articles I found celebrated the drive and leadership that "moms" possess as they masterly multitask through the competing interests and tasks they so efficiently balance each day.
Women have borne the brunt of the pandemic.....
I, however, was NOT the CEO of my family. I was fortunate enough to have the support of my husband, who took on that role so that I could focus on my career. Most women, however, do not have that support at home. As a result, women have disproportionately borne the brunt of the economic recession brought on by the Covid-19 pandemic. At least a decade of women's progress in the work force has been wiped out by the pandemic, so much so that experts are calling it a "she-cession."
exacerbating an already existing gender gap in retirement security.
Whether women choose to leave for childcare or other concerns, or are forced to leave as sectors traditionally dominated by women downsize, these job losses are exarcerbating an already existing gender gap in retirement security. Women tend to earn less than men yet tend to outlive men, and often face higher health care expenses in retirement. Given this reality, even a short-term interruption in wages can have a disproportionately large impact on retirement.
Take some time to reflect on the beneficial lessons you have learned from your mom about life and money, whether or not she was the CEO of your family. I hope, as the primary breadwinner of my family, I was a model for my daughter and sons of what women can accomplish.