Stormwatch, 50+
The surreal spring of 2020 is over. The heady excitement of emerging from our homes into the sunshine of summer can make it seem like the storm is over. It’s a deceiving calm. In all likelihood, we are in the eye of the hurricane.
The ‘black swan’ that is COVID-19 crisis splashed down this year in the already choppy waters of the global economy. Increasing political, financial, socioeconomic, and climatic imbalances across the world that have long been building have now grown more acute with the pandemic.
The flood of government funds that have washed across the surface of this disaster to mitigate immediate effects at the height of the first wave of the virus has obscured the disaster this really is. Even if we are spared a deadlier ‘second wave’ — the historic hallmark of pandemics — when the emergency funding recedes and the political campaign is over, the economic wreckage will be laid bare.
It is going to be challenging for us all but particularly for older women — women 50+.
A couple of pertinent stats about this demographic:
Even before the mayhem of COVID, older women were not faring well:
- the average salary of women over 50 is 28% lower than men’s
- the average women retires with a personal net worth just 33% that of the average man
- the average female ‘retires’ or is pushed out of employment 2 years before retirement — in what should be her peak earning years
- the average personal wealth of women is $1,055,000 less at retirement than their male counterparts — the “$1 Million Gender Wealth Gap”
- the largest single demographic living below the poverty line is older women
- in an economic downturn, older women are disproportionately the employees let go and the least likely to be rehired after economic recovery
- when women’s careers are derailed by what is termed ‘gendered ageism’, there is virtually no legal recourse
OK — not a great starting point
While the fallout from the first round of COVID has yet to be fully calculated, the headlines speak for how this demographic is being impacted:
- Women Are Losing More Jobs In Coronavirus Shutdowns — NPR, April 8, 2020 (latest info estimates it’s around 65% women that have lost jobs)
- Coronavirus economy hits older women harder — Women 55 and older who lose their jobs in the pandemic face greater risk of long-term unemployment. Washington Post, May 23, 2020
- Older Female Employees Face Double Jeopardy During Covid-19 Layoffs — the acute impact on women over 55 bears close watching given that it will be even more difficult for this subset of employees to resume their careers and make up for lost earnings. Forbes, June 1, 2020
- How the COVID crisis is Eroding Women’s Economic Power — The unique nature of the pandemic means the economic downturn could impact women for decades. The Guardian, May 24, 2020
If you are a woman 50+, this is all rather terrifying. Kind of makes you long for the comparative ‘good old days’ of Tiger King, anxiety eating and endless ‘doomscrolling’, back at the outset of this COVID ride.
Some light in the dark
So if there is a bright economic spot that has emerged from the COVID crisis, that is the sudden and rapid lurch forward we, as a society and as an economy, have taken with respect to technology. Both as businesses and as consumers we are all in a different place than we were just 4 months ago. We have adapted swiftly to this latest upgrade to the digital economy.
It is also the one economic area relatively pandemic-proof and immune to ongoing COVID disruptions
Unfortunately, every silver lining has a cloud. For the women 50+ demographic, we have been resistant participants on the internet, beyond social media and consumerism. The Digital Economy, even 4 years ago, was estimate to be about $12 trillion or about 15.5% of the global GDP. However women 50+ are the demographic reaping the least economic benefit from the internet, with the exception of children.
With that in mind, here’s another headline for you:
“Mastercard Builds on COVID-19 Response with Commitment to Connect 1 Billion People, 50 Million Small Businesses, 25 Million Women Entrepreneurs to the Digital Economy by 2025”
…Mastercard, one of the largest financial entities in the world, sees getting YOU making money online as a crucial emergency measure! That should tell you the way the wind’s blowing.
The Outlook
Here’s the information available in this scenario:
- women 50+ are critically vulnerable in the likely economic crisis we face
- they are the least likely to regain employment in the traditional economy
- this reality has never been something society has bothered with, even in good times; you’re on your own
- the digital economy will continue to grow year-over-year
Based on all this, my forecast for the 50+ woman is: we are in for a long bout of nasty weather. You seriously need to find yourself a seat in a digital lifeboat to ride it out.
Join us on the She’s All That Video-podcast where I interview “women doing awesome shit — impacting lives and making change”, building their online business, recreating themselves in the wake of all this 2020 job-loss and insecurity, and making it work. Ideas, info and inspiration. I help women get guest appearances on podcasts to help them get free PR and marketing content to stand out in a crowded, noisy online marketplace. Let’s talk!
