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International Womens Day is right around the corner, and this year, we've decided to celebrate the women in our lives whilst also doing our bit to raise awareness of the inequalities women face when it comes to their finances compared to their male peers.
Although the gender pay gap slowly is declining and more and more women are taking a more proactive role in their finances, there is still a long way to go - and a lot to be done - to bridge the financial equality gap for women.
Here are 4 shocking stats about women in money and why we should be prioritising female financial education:
1) Only 58% of Women Feel Comfortable Asking for a Pay Rise Compared to 74% of Men
After the pandemic's weak labour market, women and men unsurprisingly reported feeling less comfortable asking for a pay rise. 8.6% of men felt less confident asking for a pay rise compared to 12.1% of women, and according to a survey by Indeed, only 58% of women feel comfortable asking for a pay rise at work (compared to 74% of men).
2) Women Have To Work 42 Extra Days to Earn What Men Do in a Year
According to Statista, the average annual full-time salary for UK women in 2020 was just £28,000 compared to £34,000 for men, and the gender pay gap is much more significant for high earners than low earners. This means that, on average, women have to work 42 extra days to earn what men do in a year.
3) 0 Out of 195 Countries Globally Have Achieved Financial Gender Equality
According to the World Economic Forum: Global Gender Gap Report 2021, no country has yet achieved financial gender equality. Globally women are put at a financial disadvantage due to their gender with much still needed to be done to close the financial inequality gap.
4) Only 8% of the UK's Top 100 Companies Have a Female CEO
In 2021, only 8 out of the 100 UK's top companies had a female CEO. This is up by 2% from 2019, but it is still not enough. Considering that the within the UK's top 250 companies, women only make up 10% of CEOs. There's a clear gender divide in top, high-paying positions, affecting women's earning capabilities in the UK.
So, What Can Be Done?
Whilst most of the responsibility of closing the gender pay gap lies in the hands of employers taking action (e.g. by committing to flexible working options and increasing transparency over pay) there are resources out there designed to provide women with the tools they need to increase wealth and financial security.
With stats showing that women generally make better investors than men, women are being encouraged to invest more and more, and financial education for women is becoming more accessible year after year.
Here are some of the best financial education resources we've found for women:
Female Invest - On a mission to close the financial gender pay gap, FemaleInvest provides educational resources for women on investing, personal finance, and financial wellbeing
Clever Girl Finance - Offering courses and resources that are 100% free, Clever Girl Finance is helping women to achieve financial freedom and take control of their lives
Young Women's Trust - A feminist organisation working to achieve economic justice for young women whilst providing a coaching service that supports young women in planning for their future
Global Human Rights - Enabling economic well-being, this non-profit organisation helps fight for gender-equal labour rights to achieve economic independence
If you'd like to make a donation to the organisations above that do amazing things every day to tackle the financial disparities between men and women, you can make a digital donation online and show your support using any of our International Women's Day prepaid cards - now available in-app on Google Play and App Store.
You can also follow us on Instagram @ImageNPay for more content this week on financial inclusion for women and tips for managing your finances.