WOMEN BEAR A GROWING ECONOMIC BURDEN
Recent graduates are facing the worst unemployment crisis since the Great Depression — and women are faring worse than men. In the early weeks of the pandemic, women filed nearly 59% of unemployment claims, despite being only half of the labor force.
The growing cost of education compounds the problem. While college attendance is at a record high, the price tag of college education has more than doubled over the past generation. At the same time, household incomes have barely budged.
Women take about two years longer than men to repay student loans. From the moment women graduate from college, most face a gender pay gap — which widens as they age. This makes it even harder to pay off their larger share of student debt.
The global pandemic is also likely to stretch recent grads who rely on side jobs to repay student loans, save for a rainy day or simply make ends meet.
As a result, women may put off saving for retirement, buying a home or starting a business.