WTW Global Gender Wealth Equity report
WTW’s Global Gender Wealth Equity Report 2022 was released recently.
About Global Gender Wealth Equity Report
Global Gender Wealth Equity Report was jointly developed by WTW and the World Economic Forum (WEF). It explores gender-based wealth differences across five regions in the world. It assesses the reasons behind the inequality like interlinked effects of career, family support, life events and financial literacy. It quantifies gender wealth gap between women and men at retirement.
What are the key findings of the report?
- According to the report, when women retire from work, will have just 74 per cent of wealth accumulated by men.
- This is mainly because of the pay gaps and delays in promotion.
- India has the worst gender wealth gap in the Asia-Pacific. The reasons for this are:
- India’s gender pay gap is higher than the global average. It is prevalent especially in professional and technical roles.
- Leadership roles for women are limited. Only 3 per cent of women in workforce hold senior-level positions.
- Women assume childcare responsibilities at a young age. This adds to the financial burdens that cannot be borne alone.
- Long-term financial decisions generally rests in the hands of men
- Financial literacy of working women is low in India.
- On average, Asia-Pacific has one of the lowest global wealth gaps. Women in this region amass just around three-quarters (76 per cent) of men’s wealth levels, just 2 points above the global average.
- In the Asia-Pacific region, gender wealth gap across 12 markets is between 64 per cent in India and 90 per cent in South Korea (best performer in the region).
- The overall gender wealth gap at retirement increases with seniority. At the international level, women in senior expert and leadership positions have less than two-third (62 per cent) of the total wealth of their male counterparts at the time of their retirement.
- A gap of 67 per cent was found at the mid-level professional and technical roles. This narrowed to 89 per cent for frontline operational roles.
- Women in six markets in the index have higher wealth at retirement when compared with the global average. These include China (78 per cent), Japan (82 per cent), Philippines (79 per cent) and Singapore (79 per cent).
Category: Reports & Indexes Current Affairs