Americans already feel anxiety caused by rising prices. However, experts say that women are feeling it more acutely. A mix of factors — including a gender imbalance in household duties and pandemic-induced financial insecurity exacerbated by an increase in childcare costs — are all impacting women’s mental wellbeing.
The consumer price index rose 8.6% on the year in May, according to the Bureau of Labor Statistics. But workers’ wages have not kept pace: They have risen by just 5.2% over the past year. Groceries have also gotten more expensive; bacon now costs more than $7 a pound, almost a $1 increase compared to a year ago.
Inflation-induced anxiety has the potential to affect all people, but because women do most of the grocery shopping for their households, they are more likely to perceive prices to be higher, according to a research paper published last year by Proceedings of the National Academy of Sciences, a peer-reviewed journal.
A tampon shortage has also added to women’s burdens. The prices of menstrual products have surged over the last year. For the week ending May 28, 2022, the average unit price for tampons rose by 9.8% on the year to $7.14. Pads increased by 8.3% to $6.41, according to market insight company NielsenIQ.
Being responsible for everything from grocery shopping to childcare and elder care takes its toll on women, especially working mothers, said Dr. Sian Beilock, cognitive scientist and president of Barnard College, a women’s liberal arts college that is part of Columbia University in New York City. “When they see the inflation number hit in a way that impacts their day-to-day, that’s a bit hard to avoid,” Agnew said. Investments, on the other hand, can be easier to avoid thinking about, especially if you don’t have to sell. “In the long term, you can say this might fix itself,” she said.
It could be a confidence issue, as suggested by a recent Bank of America survey. The study found that while both women and men have equal influence over daily finances and determining daily bills , less than half of women feel they have influence over decisions on investments. In fact, women’s participation in the labor force dropped early in the pandemic and still hasn’t returned to the pre-pandemic level — even after schools opened. Some 656,000 fewer women were working in May 2022 compared to February 2020, according to the National Women’s Law Center.
how do you define “women”?
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