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Financial crisis hits women harder

Financial crisis hits women harder

According to an evaluation, women are more affected by the financial crisis than men. Inequality on the labor market is increasing again significantly.

The global financial crisis affects women far more severely. This is reported by the UN's International Labor Organization (ILO). According to this, women are more likely than men to be affected by the unemployment caused by the crisis. "This has widened the gender gap in the job market," the authors write in the organization's Global Employment Trends for Women 2012 report.

Financial crisis led to a slump in the job market
By 2007, gender gaps on the labor market had steadily narrowed. That applied to the employment rate and the unemployment rate. The very positive development was reversed significantly at the beginning of the economic and financial crisis. The researchers were able to identify the negative trend, particularly in the western industrialized nations. "Between 2002 and 2007, the average unemployment rate was 5.8 percent for women and 5.3 percent for men," the report said. The trend reversal is clearly visible in 2012: the unemployment rate for women is currently 6.4 percent, compared with 5.7 percent for men.

Before the crisis, employment levels rose
"Even before the crisis, women's employment rose by 1.8 percent a year." The annual male employment rate rose by 1.6 percent. In the meantime, the increase has dropped sharply to 0.1 percent and is far below the male employment growth. Women are also more affected by part-time work. Women would have to quit their jobs faster than men because of caring for relatives or raising children. Adequate childcare is still not guaranteed. (fp)

Author and source information

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