One in Three Women Expect It Will Take A Year or More to Financially Recover from COVID-19

New National Survey Reveals Women’s Top Financial Concerns

SANTA CLARA, Calif.--(BUSINESS WIRE)--The COVID-19 pandemic has negatively impacted women’s personal finances. A new survey by Edelman Financial Engines*, one of the nation’s largest independent financial planning and investment management firms, revealed that 71% of women say the pandemic impacted their finances and one in three expect it could take a year or more to recover. Women of color expect they won’t recover for 6 years on average.

Three in five (61%) women experienced significant adverse financial events during the pandemic, including taking money from savings or investments (26%), losing a job or getting a pay cut (19%) or incurring medical expenses (18%).

Half (51%) of women are more worried than they were before the pandemic and 26% are much more worried about achieving financial milestones. Women (37%) are more likely than men (29%) to be concerned about increasing emergency savings.

“Our survey highlights the challenges women are facing due to the pandemic,” said Ric Edelman, founder of Edelman Financial Engines. “Seeking advice from an experienced financial advisor can help women improve their situation as we move past the pandemic.”

The survey revealed, however, that relatively few women seek advice from financial advisors. In fact, more women have received advice from their parents (36%) than a financial advisor (27%).

Ric Edelman and HerMoney Founder Jean Chatzky are presenting a free webinar "The Truth About Women & Money" on Tuesday, March 23 at 3pm ET and 8pm ET.

“Once we clear the decks of the aftermath of this pandemic, and really start putting more money in retirement accounts, savings accounts, and emergency savings accounts, I’m confident women can flip the script on all of this,” said Chatzky. “Women are going to make this work in our favor, and we need qualified financial advisors by our sides to help us lay out a road map to make this happen. Our upcoming webinar showcases some of these solutions.”

To register for the webinar, click here.

*This survey was conducted for Edelman Financial Engines by Wakefield Research among 1,000 nationally representative U.S. adults age 18+, between February 23rd and March 1st, 2021, using an email invitation and an online survey. The data was weighted to ensure an accurate representation of U.S. adults ages 18+.

About Edelman Financial Engines

Since 1986, Edelman Financial Engines has been committed to always acting in the best interest of our clients. We were founded on the belief that all American investors – not just the wealthy – deserve access to personalized, comprehensive financial planning and investment advice. Today, we are America’s top independent financial planning and investment advisor, recognized by Barron’s¹, with 150+ offices across the country and entrusted by more than 1.2 million clients to manage more than $260 billion in assets.² Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every client’s situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.

¹ The 2020 America’s Best RIA Firms Independent Advisory Firm Ranking issued by Barron’s is qualitative and quantitative, including assets managed, technology spending, staff diversity, succession planning, the size and experience of teams, and the regulatory records of the advisors and firms. Firms elect to participate but do not pay to be included in the ranking. Investor experience and returns are not considered.

² Data as of 12/31/2021.

© 2021 Edelman Financial Engines, LLC. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1564413