Young women ‘better off ’ than men due to type of jobs lost in recession

YOUNG women have come out of the recession better off than their male counterparts due to the nature of job losses brought about by the global financial crisis, it’s been claimed.

The finding is contained in the 2018 ‘Global Wealth Report’ from financial services company Credit Suisse.

In Northern Ireland, the female employment rate reached a record high of 67.3% in February to April this year. But the most recent labour market survey for July to September puts the female employment rate at 64.3%, and the male employment rate at 72.7%.

But at 3.8% of working-age men, the proportion of men claiming unemployment-related benefits was higher than the proportion of women, at 2.5%.

The ‘millennial’ generation came after the year 2000, and is generally considered to be made up of people born between 1980 and 1996.

One reason why females have faired better is because the industries most affected by the global financial crisis tended to be male dominated.

Industries such as finance and construction, which have traditionally attracted large numbers of male employees, were especially hard hit in the recession.

Meanwhile, parts of the economy that are more stable, such as education, health care and public administration, have tended to be less male dominated.

This can be demonstrated through unemployment rates, where in Europe and the United States, males experienced a greater rise in unemployment rates after the crisis.

In the US, the male rate of unemployment shot up quickly after the crisis, peaking at 17.8% in April 2010. While the unemployment rate for females in the US also peaked, it was at the much lower level of 10.8%.

In general, both male and female millennials have experienced a more difficult time gaining wealth than previous generations due to a number of factors, including the global financial crisis, technological advances, and rising house prices, according to the report. Elsewhere, the report finds that female wealth has risen in absolute terms this century, and also relative to men’s wealth “in some respects”.

However, it notes that even in places where progress for women is strongest, single mothers and divorcees “remain handicapped”.

In addition, the gender pay gap continues to hinder female wealth accumulation in some countries. Overall, Europe and North America have the highest proportions of female billionaires, according to the report.