According to data from the US Bureau of Labor Statistics, four times more women than men dropped out of the labor force in September 2020. This is having a detrimental impact on women’s financial health. Research shows that the gender savings gap has widened as a result of the COVID-19 pandemic with women now having a third less saved. More women than men are relying on previous savings to cover essential costs during the pandemic — depleting their already smaller savings pot. Over a third of women (35%) admitted to dipping into their savings over the past six months, compared to just 15% of men.