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One in four women 'suffered income fall' due to COVID-19

Suban Abdulla
·2-min read
Detail of a woman counting money for payment.
The study of 1,000 women in Britain, revealed that three in 10 women said they have saved less money in the last year and 17% have invested less money. Photo: Getty

One in four or 23% in the UK have experienced a drop in their income last year due to the pandemic, according to a study.

According to research from Fidelity International, those women may have on average lost £5,500 ( $7,600) of their annual salary, or roughly a quarter of their income in 2020.

One in eight (13%) women have also decreased the amount they put towards their pension during the coronavirus pandemic.

As a result, the figures indicate that that two-fifths of UK women (40%) who have experienced a fall in their income have been forced to dip into their savings to cover daily outgoings, while over 10% have had to resort to borrowing to make ends meet.

The study of 1,000 women in Britain, revealed that three in 10 women said they have saved less money in the last year and 17% have invested less money.

Three out of ten women said the amount they have saved in the last 12 months has fallen. This impact on long-term savings is felt most acutely by women in their 40s, where nearly one in five have reduced their pension savings over the past 12 months.

READ MORE: Nearly half of women globally globally experienced financial stress due to COVID-19

Women across the world who already face significant gender pay, pension and investment gaps, have been particularly hard hit by the coronavirus pandemic.

In 2020, 85% of FTSE firms published a report on the gender pay gap, compared to 18% at MSCI DM companies. Just 9% of S&P 500 organisations published such data last year, according to data from Equileap.

The gender pay gap is the difference between the average salaries of all women and of all men in a company.

Women across the world are still paid 23% less than men. Equileap says that "at the current rate of change, there will be no equal pay until 2069."

Britain is in the top three leading countries that report on the gender pay gap along with Spain and Italy. Spain tops the list, with 82% of companies publishing gender-segregated pay information, 78% of companies in the UK publish, and in Italy, 55% of companies release such information.

Another separate study showed that almost half (47%) of women across the world have experienced financial stress due to the coronavirus pandemic, a new research shows.

A global study from Avon reveals that 92% of women feel increased pressure over the pandemic, while 57% of women have increased feelings of doubt in themselves and 41% have lost confidence.

WATCH: Why do we still have a gender pay gap?