1083: Women, Work and the Financial Impact of the Pandemic with Lacy Garcia, Founder of Willow

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 17 August 2020

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The pandemic has disproportionately impacted women in this country in terms of unemployment, stress and family care. Guest Lacy Garcia, founder of financial startup Willow, discusses the challenges and the long-term impact of the toll. Willow’s mission is Women face a unique set of challenges when it comes to navigating life events and transitions such as divorce, loss of a spouse, career changes, family planning and finances and retirement – particularly in the new reality we find ourselves today. Women have been disproportionately impacted by the coronavirus pandemic. Prior to the pandemic, the unemployment rate for women was lower than for men. Now, it is the opposite. Women are bearing more of the burden when it comes to childcare, homeschooling and taking care of aging parents. More women’s longer-term career prospects are at risk as they are having to either leave or remain out of the workforce for longer. It is no surprise that the financial stress combined with quarantine is pushing many marriages to a breaking point and an increase in divorces is expected. Lacy Garcia is the daughter of a Cuban refugee who says her money mindset was shaped early on. She combined her work in education and financial services to launch the virtual fintech company Willow and financially empower women throughout their life journeys including divorce, retirement and more. Learn more about Willow and Lacy Garcia at www.trustwillow.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So Money episode 1083 discussing women's specific financial planning needs with
0:05.6	Lacey Garcia, founder and CEO of financial startup Willow.
0:10.0	You're listening to So Money, with award-winning Money Guru Farnu
0:15.0	Farnouche Terabi. Each day get a 30 minute dose of financial
0:18.7	inspiration from the world's top business minds, authors, influencers, and from Farnuus herself.
0:24.8	Looking for ways to save on gas or double your double
0:28.4	coupons?
0:29.4	Sorry, you're in the wrong place.
0:31.4	Seeking profound ways to live a richer, happier life.
0:34.7	Welcome to So Money.
0:38.0	Prior to the pandemic, unemployment rate for women was lower than men.
0:41.5	Now it's the opposite. Women are, you know, reports are showing that
0:45.0	women are bearing much more of the burden when it comes to child care and homeschooling.
0:49.0	Welcome to So Money, everybody. I'm your host Farnish Tarapi.
0:52.8	One of the hottest issues right now coming out of the COVID-19 pandemic,
0:56.2	one of the most sobering issues I should say,
0:58.6	is that women are being disproportionately impacted by the burdens that the pandemic has created.
1:06.1	For example, women are bearing more of the brunt of child care.
1:09.9	They're the ones more likely to step away from their jobs to teach their children, to take care of their
1:15.2	children. As someone who's been covering female breadwinners for the better part of a decade,
1:19.9	I'm wondering now for taking any steps backwards.
1:22.8	My guest and I today tackle this and then some.
	...

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