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Mahesh

07/11/22 12:55 PM IST

Gender Wealth Equity report

In News 
  • WTW’s Global Gender Wealth Equity Report 2022 was released recently.
Major Findings 
  • 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.
Reasons for this gender gap 
  • 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).
  • 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).
Source- Business Standard 

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