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The WTW Global Gender Wealth Equity Report 2022 has just been released.
Current Affairs Important Points
About the Global Gender Wealth Equity Report.
The Global Gender Wealth Equity Report was published by WTW. and the World Economic Forum (WEF). It explores gender-based wealth disparities across five global regions. It assesses the causes of inequality such as the interlinked effects of career, family support, life events and financial literacy. It quantifies the gender wealth gap between women and men at retirement.
What are the key findings of the report?
- According to the report, when women retire, they will have only 74 percent of the wealth accumulated by men.
- This is mainly due to pay gap and delay in promotion.
- India has the worst gender wealth gap in Asia-Pacific. The reasons for this are:
- India’s gender pay gap is lower than the global average. This is especially true in professional and technical roles.
- Leadership roles for women are limited. Only 3 percent of women in the workforce occupy senior-level positions.
- Women assume childbearing responsibilities at a young age. This increases the burden of wealth that cannot be produced on its own.
- Long-term financial decisions are generally in the hands of men.
- Financial literacy of working women is low in India.
- On average, Asia-Pacific has one of the lowest income gaps in the world. Women in the region only generate about three-quarters (76 percent) of the wealth of men, just 2 points below the global average.
- In the Asia-Pacific region, the gender wealth gap across 12 markets is between 64 per cent in India and 90 per cent in South Korea (the best performer in the region).
- The overall gender wealth gap at retirement increases with seniority. Internationally, women in senior expert and leadership positions have less than two-thirds (62 percent) of the total wealth of their male counterparts at the time of retirement.
- A gap of 67 per cent was observed in mid-level professional and technical roles. This fell to 89 per cent for frontline operational roles.
- Women in the index’s six markets have higher wealth in retirement relative to the global average. These include China (78 percent), Japan (82 percent), the Philippines (79 percent) and Singapore (79 percent).