If you still feel the gender pay gap is a myth, several recent studies say you’re wrong.
While 54 percent of companies claim to have an equal pay policy, 1 in 3 women say they’re paid less than men who work the same job, says a study from the American Management Association (AMA).
In this roundup, we go over gender gaps. From disparity between men and women banking and investing, to workforce opportunities.
Despite improvements in the workforce over the past few decades, men still have more opportunities than women, says AMA’s survey. And more men do not notice. Three-fourths (72 percent) of men feel they have equal opportunities as women, while only 42 percent of women agree.
Women are 22 percent less likely to advance to management positions than men, according to professional service company Accenture. While men are 47 percent more likely to advance to senior management positions than women.
Currently, for every 100 male managers, there are 65 female managers. And for every $100 men make, women only earn $73.
Accenture surveyed 22,000 working men and women on workforce issues. Men and women both advance further in companies where equal pay and opportunities for women are priorities, according to the poll. When women are 35 percent more likely to move on to management, men are 22 percent more likely, also. This is compared to companies without equal pay and opportunity priorities.
Almost all employees are happy with their career path at these companies, the poll says. Ninety-five percent of workers say they’re happy with their career progression.
“Companies with cultures that include the workplace factors that help women advance, men thrive too, and we all rise together,” says Julie Sweet, Accenture’s chief executive officer – North America. “Building a culture of equality is essential to achieving gender equality because people, not programs, are what make a company inclusive and diverse.”
A global concern
There is another gender gap aside from pay. This one’s in women’s access to financial services and products. Less women than men are involved in banking and investing around the world. And we’re missing out on $330 billion every year, globally, according to the United Nations Foundation.
There are 1.1 billion women in the developing world, without access to banking and insurance, according to the Wall Street Journal. Women make up 55 percent of adults around the world without a bank account or insurance.
“By clearing the way for women to become fully engaged as financial actors, we have the opportunity to improve the lives of women dramatically,” says Heidi DuBois, global head of philanthropy and corporate social responsibility at BNY Mellon.
Expanding women’s access to financial services will expand the world economy.
Closing the “financial gender gap”
How much annual revenue would be available
- $40 billion in banking products
- $290 billion in life insurance access
- $20 billion from investments
“Economically empowering women provides an undeniable return on investment: markets grow, women thrive, and families and communities are stronger,” says Kathy Calvin, president and chief executive officer of the United Nations Foundation. “Closing the gender gap in access to financial products and services is an opportunity and obligation we can’t ignore any longer.”
Calvin continues: “If we want a better future, it starts with gender equality.”
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