How Covid Has Altered the Conversation About Money

It’s a conversation that’s echoing in households across the country, as many women, who have often let their husbands deal with fiscal matters, recognize that they can no longer bury their heads in the sand. In an era when everything feels uncertain, they crave transparency, especially when it comes to money.

“Covid has provided an opportunity for people to turn more inward — inside their house, inside their finances,” said Erika Wasserman, a financial therapist in Miami, who has noticed this trend in her own practice. “Women are planners by nature, so for us this is an opportunity to ask the husband or whoever’s managing the finances, what’s our plan? Not just what’s our budget or mortgage, but what’s our plan for life insurance? Where do you want to be buried? That might be the first time they’re asking the questions in a long time.”

Beyond health concerns, there is the very real fact that more women than men have lost jobs during the pandemic. Between February and May alone, women lost 11.5 million jobs, compared with nine million for men, according to the Pew Research Center. Only a third of those jobs returned in May and June, reports the National Women’s Law Center. At the same time, many women are bearing the brunt of child-care responsibilities during the pandemic, while caring for parents at the same time. No wonder they are worrying about money.

“Financial planning is all about taking care of your dependents, and women feel like they have more dependents right now,” said Megan McCoy, a financial therapist and professor of financial planning at Kansas State University.

With that in mind, women are having to educate themselves. In the March 2020 U.S. Bank Women and Wealth Insights Study, a survey of 3,000 men and women investors with minimum investable assets of $25,000 found that 47 percent associated negative words like “fear, “anxiety,” “inadequacy” and “dread” with financial planning, compared with 31 percent of men.