Women's Wealth // The Global Pursuit of Gender Equality
In the pursuit of gender equality, the issue of women's wealth holds a prominent place on the global stage. The quest for financial security, autonomy, and wealth is not gender-exclusive, yet, regrettably, women around the world face unique challenges that significantly impact their financial well-being. Women's wealth worldwide is greatly affected by multiple factors that contribute to gender inequality. These factors include the gender pay gap, job segregation, unpaid caregiving, limited access to financial services, legal disparities, gender-based violence, and unequal pensions. These barriers collectively hinder women's financial well-being.
Achieving gender equality requires different groups to collaborate. Policymakers, businesses, society, and individuals must work together. To make progress, we need to ensure equal pay for equal work, remove job barriers, share unpaid care work, increase access to financial services, change unfair laws, and fight against gender-based violence. These steps are crucial for creating a fair and equal society.
Here is what we've found to have the largest effect on women's financial status globally:
1. The Gender Wage Gap
The gender wage gap is a widespread issue that affects women's financial status worldwide. Despite some improvements, women still earn less than men for the same amount or value of work. The Global Gender Gap Report 2020 by the World Economic Forum found that women earned, on average, 84 cents for every dollar earned by men. This pay gap exists in almost every country, impacting women's ability to earn, save, and accumulate wealth throughout their lives.
2. Occupational Segregation
Occupational segregation creates a situation where women are more likely to be found in lower-paying jobs, which makes the wage gap worse. Women are not well-represented in high-paying STEM fields or leadership roles, but instead are more likely to work in lower-paying jobs that involve caring for others or providing services. This segregation restricts their ability to earn higher incomes and limits their opportunities to build wealth.
3. Unpaid Care Work
Women often bear most of the responsibility for unpaid care work, such as taking care of children and elderly family members and doing household tasks. This work, though it is extremely important, often prevents women from joining the workforce and limits their ability to focus on their careers, which makes the wealth gap even wider.
4. Limited Access to Financial Services
Many women, especially in developing countries, struggle to get financial services like banking, loans, and insurance. Without these services, they can't save, invest, or build wealth, which keeps them trapped in poverty.
5. Legal and Property Rights
In some regions, women encounter obstacles when it comes to property rights and inheritance laws. Discriminatory legal frameworks may restrict their rights to own and inherit assets, leaving them financially vulnerable.
6. Gender-Based Violence and Harassment
Gender-based violence and harassment harm women's physical and mental well-being, as well as their education, jobs, and financial stability. The fear of violence restricts their economic options and chances for progress.
7. Retirement and Pension Disparities
Many women have less money saved for retirement because they earn less and often have gaps in their careers because of caregiving. This puts them at risk of not having enough money to support themselves later in life.