COVID-19 has changed the relationship many women have with their careers and finances, according to the survey, released on 22 January. They've been talking more with their families about money. More than two-thirds are discussing finances with their partners, and almost half are explaining inheritance to their children.
But, women don't just want to talk about money. They want to take action on their finances. Yet, they've fallen short on these intentions during a year that met them with new challenges at work and at home. Of the 40% who wanted to review their financial situations only 12% did so. Other actions women intended to take include discussing the impact of their portfolios with their financial advisors, reviewing their will and estate plans, and updating their long-term care plans.
Why aren't women making financial moves? They are busy. One reason for this is that they are shouldering more responsibility at home during the pandemic than their male counterparts. More than two-thirds said they are handling childcare, remote learning, and cooking more than their partners. And, the percentage of women performing these tasks has increased between 4% and 10% since May 2020.
More than half said the pandemic is hurting their careers. This is happening in several key ways. Four in 10 said that pay raises and promotions have been put on hold or that they've been working less than they did before the pandemic in order to help their kids with school work. Meanwhile, one in four are delaying retirement plans due to financial restrictions or have thought about leaving the workforce altogether. In addition, their salary increases are not keeping pace with that of men, with 24% of women earning more during the pandemic compared with 31% of men earning more.
Work from home has emerged as a silver lining of the new working conditions. Two-thirds believe they are more productive at home than they were in their offices, half find it less stressful, and 66% plan to work from home more often moving forward.
Ready to own your worth? Learn more at ubs.com/women.
About the survey: UBS surveyed 1,507 US investors (991 women and 516 men) between December 21, 2020 – January 4, 2021. They were made up of 25 – 30 year-olds with at least $250k in investable assets, 31 – 39 year-olds with at least $500k in investable assets and those 40 or above with at least $1 million in investable assets. Findings were compared to a similar study conducted in May of 2020 among 1,007 US investors.
Review code: IS2100381