As the cost of living rises, the weight of inflation falls squarely on the shoulders of women, tightening its grip on our wallets, well-being and future.
The relentless rise in inflation, stagnant wages, and soaring prices of essentials have created a perfect storm that disproportionately affects women. At the heart of this crisis lies the invisible labour that women perform daily, unpaid and unrecognised by the economy.
The implication of inflation on women
Women are already more likely to live in poverty and have limited financial resources. As a result, we are disproportionately affected by the increased cost of living, which means women have to make difficult choices between paying bills, buying groceries, and covering other essential expenses.
The impact of inflation on women’s healthcare is also a significant concern. With prices for period care essentials, medical services and prescription medications on the rise, women are being forced to cut back on essential care or go without it altogether. This has serious consequences for women’s health and well-being, particularly for those with chronic conditions or ongoing health needs.
Inflation is also eroding women’s savings and investments, making it harder for us to achieve long-term financial goals. Women already have limited access to credit and financial resources or even have a bank account, and inflation exacerbates this problem. With prices rising and interest rates increasing, women are finding it harder to make ends meet, let alone save for the future.
We can never underestimate the emotional toll of inflation on women. The stress and anxiety of living paycheck to paycheck, combined with the pressure to make ends meet, can take a significant toll on women’s mental health. According to Mayo Clinic, women are more likely to experience anxiety and depression, and inflation is only making things worse. Women may experience greater distress in response to inflation hardships than men, partly because women have fewer socioeconomic resources than men and thus will have less ability to cope with inflation than men.
The burden of unseen labour gets heavier
Behind every household budget, every meal cooked, and every family cared for lies a woman’s unseen labour. But as inflation tightens its grip, the invisible burden women bear grows heavier. It’s time to shine a light on the disproportionate impact of inflation on women and the invisible labour they perform.
Women are the backbone of their families and communities, performing a multitude of tasks that go unseen and unrewarded. From managing household budgets to caring for children and older relatives, the role women play is often undervalued and overlooked. But as inflation rises, the weight of this invisible labour grows heavier.
As prices rise, women must work harder to manage the household budget, make ends meet, and also provide for their families. Households that could comfortably outsource labour may have to cut costs, which means women will spend even more time on household tasks, such as cooking, cleaning, and managing the family. This, in turn, reduces their time for education, training, and employment opportunities.
Women can barely survive
Before the inflation crisis began, women were already less wealthy than men worldwide. In Nigeria, women dominate low-paying sectors, such as education and healthcare, while men dominate high-paying industries, like technology and finance. Women in Nigeria are more likely to work in the informal sector, earning lower wages and lacking access to social protection. This affects their earning potential, pension prospects, and overall economic security.
The cost of living crisis has turned this already precarious situation into a catastrophe. According to BusinessDay, some companies have increased employee salaries to provide some relief, however, many have not. Consequently, the living crisis may force Nigerian women to continue making impossible choices between feeding their families, paying bills, or sacrificing their well-being.
