Six out of ten women think the recession is an equal opportunity time bomb for working women, just tick, tick, ticking away waiting to explode, finds a new survey by PriceWaterhouseCoopers.

What’s happening? During a recession, many women turn lemons into lemonade.

Working women see redundancy as an “opportunity to exit corporate life during the recession and make a new start,” says PwC.

Only trouble, 60% believe the recession will reinforce the glass ceiling making it more difficult for women to progress.

But it risks removing or alienating a generation of female talent.

Many women may think agreeing to reduced hours, or taking a year off on a third of the salary (as the New York Times reported at the other day) or taking a redundancy package is very attractive.

Who doesn’t dream occasionally of getting off the treadmill? More time to spend with the kids, aging parents, less time to feel guilty, better quality dinners, more books, more exercise, more sex, more time in the garden (okay, this is me talking here and getting carried away) and an opportunity to work on that project or entrepreneurial idea you’ve always wanted to try.

PriceWaterhouseCoopers surveyed 1059 people (91% were female, nearly all in full-time work.) They found:

• 73% believe (agree + strongly agree) the recession will be an opportunity for those looking to exit corporate life – using redundancy as a new start
• 66% believe it will make it harder for women to emerge from poverty in developing economies
• 60% think the glass ceiling will be reinforced, making it more difficult for women to progress
• 45% believe it will cause a shift of women into SME/Social enterprise away from corporate careers
• 50% believe reductions in L&D budgets now will adversely affect their prospects in the long term (25% disagree)
• 40% think women’s role will change to become the main earners (35% undecided)
• One in three believe women’s role as primary carer will change (36%)

Sarah Churchman, a director of diversity at PwC told Accountancy Age: ‘It’s no surprise that women turn to their entrepreneurial side in a recession and see opportunities for a new start or role after years of corporate life.’

‘However, the by-product of the recession could be to stall or reverse the sector’s gender diversity progress and investment, short changing the UK economy’s recovery by removing or alienating a generation of female talent’ she added.

The biggest problem? We may never be able to catch up again later.

While we are at home looking after our kids, partners and husbands are moving ahead.  Even settling for a lesser paid job with flexible hours for a few years may mean she’ll never catch up. (Had this conversation? “If you go back to work 70 hours a week, you’ll still only be earning 70% of my salary! Is it worth it?”)

For many of us who have the luxury to choose (and let’s face it, many women don’t) to opt-out, try something different or spend more time with our kids for a few years, it is a rare opportunity.

But it doesn’t come without a long term price.

I’m all for this, and I have done something like this myself. But as I get older, I sometimes wonder what if I hadn’t? Especially as when I came to the United States 12 years ago, my salary was twice as high as my husband’s and nearly twice as much as it is now. Will I ever catch up with him? Unlikely. Do I want to? Sometimes? Do I feel ripped off that my kids came first? No. But there is a feeling of regret for missing out on the next series of big jobs (with big hours and big thrills).

With the benefit of hindsight, I wish I had more foresight: To think through the implications to the end a bit more clearly and logically than I did way back when …

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