Filipino Women Only Reach Three Quarters of Men's Wealth at Retirement, According to Study
A new study, conducted by Willis Towers Watson and the World Economic Forum, has found that Filipino women only reach three-quarters of men's wealth at retirement. It's a startling difference—and it's happening all around the world.
According to the Global Gender Wealth Equity Report, women on average reach retirement with 74 percent of wealth that men earn. Researchers looked at gender wealth equity across five regions worldwide by looking at reasons for the disparity, including the interlinked effects of career, family support, life events, and financial literacy on wealth accumulation.
The Philippines was a little higher than the 75 percent global average at 79 percent, putting us in the same league as Singapore and China. Along with that, the study also revealed that there's a significant leadership gap for women in our country.
"The results from our global analysis are startling," says Manjit Basi, senior director, Integrated & Global Solutions, WTW. "It shows that there is a gender wealth gap consistently across the 39 countries that we studied. The primary drivers contributing to gender-based wealth disparity include gender pay gaps and delayed career trajectories. Additionally, gaps in financial literacy and family caregiving responsibilities outside the workplace influence women’s participation in paid employment and therefore their ability to build wealth."
She continues, "It's imperative that activities around gender diversity, equity, and inclusion broaden to look at economic wealth at the end of women’s working careers. Pay is a fundamental factor that underlies the gender wealth gap, and while addressing the gender pay gap will partially close the wealth gap, it won’t eliminate it entirely."