Gender equality as part of the Development Goals
Still the majority of countries in the world have problems in the area of women’s equality. This remaining gender gap has a significant impact on individuals, groups, and society as a whole. Gender inequality in terms of wealth has not been widely studied or uncovered, despite an increasing focus on diversity, equity, and inclusion (DEI) by business leaders.
That is why the fifth of the United Nations’ 17 Sustainable Development Goals (SDGs) for 2030 is gender equality and women’s empowerment. However, according to a recent World Economic Forum report, it could take 83 years to eliminate fundamental gender gaps worldwide. Gender wealth – mobilizing private wealth for gender equality around the world – could be a major force for change.
Still need for action
The World Economic Forum reports that globally, women have only 59% of the economic opportunities and participation rates enjoyed by their male counterparts. Legal protection for women also remains inadequate. As a result, women in some countries have little access to land, financial services or inheritance. For example, a study by Willis Towers Watson found that women are likely to have only 74% of the wealth that men have at the end of their careers. Although markets and places are very different, the causes of the wealth gap remain independent of the cultures and social structures and infrastructures studied.
Gender wage gaps, delayed career paths, family responsibilities (e.g., caring for children and the elderly), and differences in financial awareness are some of the main factors leading to gender wealth gaps.
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There are many ways to achieve gender equality, but it requires a concerted, focused effort by both private and public stakeholders, including not only employers but also governments, public institutions, society at large, and individuals.
