Gender Differences in COVID-19-related Stress and Relationships with Life Satisfaction among Financial Advisors

Posted: 26 Oct 2021

See all articles by Derek Tharp

Derek Tharp

University of Southern Maine - Department of Finance and Accounting

Elizabeth J. Parks-Stamm

University of Southern Maine

Michael Kitces

The Kitces Report & Nerd's Eye View; Pinnacle Advisory Group

Meghaan Lurtz

Kansas State University - School of Family Studies and Human Services

Date Written: October 18, 2021

Abstract

This study examines gender differences in COVID-19-related stress and the relationship between COVID-19-related stress and life satisfaction in a large sample of financial advisors in the United States (n = 499). Compared to men, women reported greater increases in work-related stress since the onset of COVID-19, higher levels of stress from managing family responsibilities, and more stress from witnessing the impact of COVID-19 on their clients (i.e., empathetic stress). Using an integrative model of top-down and bottom-up influences on life satisfaction, COVID-19-related stress predicted life satisfaction among women but not men. Consistent with integrative models of both bottom-up and top-down influences on satisfaction assessment, trait affect was found to predict life satisfaction. Implications of the unequal stress of COVID-19 on men and women within the financial planning profession are discussed.

Suggested Citation

Tharp, Derek and Parks-Stamm, Elizabeth J. and Kitces, Michael and Lurtz, Meghaan, Gender Differences in COVID-19-related Stress and Relationships with Life Satisfaction among Financial Advisors (October 18, 2021). Financial Planning Review, October 2021; https://doi.org/10.1002/cfp2.1129, Available at SSRN: https://ssrn.com/abstract=3950812

Derek Tharp (Contact Author)

University of Southern Maine - Department of Finance and Accounting ( email )

United States

Elizabeth J. Parks-Stamm

University of Southern Maine ( email )

P.O. Box 9300
Portland, ME 04104-9300
United States

Michael Kitces

The Kitces Report & Nerd's Eye View ( email )

P.O. Box 2231
Reston, VA 20195
United States
703-375-9478 (Phone)

HOME PAGE: http://www.kitces.com/

Pinnacle Advisory Group ( email )

6345 Woodside Court, Suite 100
Columbia, MD 21046
United States
410-995-6630 (Phone)

HOME PAGE: http://www.pinnacleadvisory.com

Meghaan Lurtz

Kansas State University - School of Family Studies and Human Services ( email )

KS
United States

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