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Why the economic downturn could hit women's wallets especially hard

From industries with a majority female workforce closing, to the wage gap possibly expanding; why this economic downturn could be especially difficult for women.

JACKSONVILLE, Fla. — As we all try to navigate our way through this new economic landscape, some experts predict the loss of jobs and income will impact women especially hard.

Jeanette Bajalia, president of Petros Financial Group and founder of Woman's Worth, says many women-run small businesses are suffering from the mandatory closures associated with COVID-19. Single mothers and industries that have a largely female workforce, like salons and retail, could also be un-proportionally impacted. 

And it doesn't end there, Bajalia believes that there could be a set-back in closing the wage gap between male and these female workers as people return to the workforce.

Her advice to women right now is to use this time to decide what you want your next step to be.

"Look at your next chapter and say 'do you want to continue doing what you have always done or do you want to do that while you are creating the next chapter?'," she asks. "The best business ideas, the greatest business opportunities are yet to be defined."

Bajalia is also encouraging women who are getting back into the workforce or looking for a new job, to not take the first salary offered. Ask for more.

Just because you lost your job, doesn’t mean your skills aren’t valuable. So know your worth and don’t let this crisis be a long-term setback to your earning potential.

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