Happy International Women’s Day, our fellow strong independent women!
While we go on with our daily lives, heading to work, catching a flight overseas, making a sales pitch or simply having a bottle of wine at the end of the long and exhausting work day, there might be something that we are forgetting. These are the rights our moms and grandmas were fighting so hard for!
It has been just couple of decades that women are actually allowed to handle money. And while nowadays, being financially independent and career-oriented is something to be proud of, there were times when it was absolutely frowned upon. The shocking part is – this was not that long ago.
With such a big day on our hands, we can’t help but look at the progress we have gone through as women and the positive changes we have made throughout the years.
What has changed?
While we still have some keeping up to do with the opposite sex in terms of top management positions, politics, or income in general, we sure have come a long long way in gaining financial power! And that deserves a round of applause.
You would be surprised to hear that women actually have a better edge in long term investing. According to research by Warwick Business School, women’s returns on their investments were on average 1.2 percentage points higher than men. Doesn’t hurt that women tend to trade less, have a larger portfolio size and simply holding onto an investment longer. It may just be that we are just better at making a plan and actually sticking with it.
What more can be achieved?
We tend to be more successful, when it comes to investing; however, the problem is, we do not do it enough. The gender gap still exists. In the World’s Economic Forum’s 2017 Gender Gap report, it suggests that it will take more than 200 years to completely remove the disparity between the sexes around the world!
Stéphanie Lane has managed to identify a more pertinent challenge that needs to be addressed. That of the intersection of the gender gap and retirement gap, in which just the latter is estimated to be $400 trillion. Gender gaps go beyond disparity in income, where it is commonly quoted between 10-20% in the western world. For gender pension gap, it gets much larger, a 30-40% across the world. According to a BlackRock survey, in the US, only 55 percent of women are actually saving for their later years, compared to 65 percent of men. The challenges women are faced with are not just before retirement, but during retirement.
In light of #MeToo and Time’s Up movements, where public figures, celebrities and global leaders bring light to the challenges faced by women, we at Miss Kaya are even more encouraged and inspired by Bill and Melinda Gates Foundation which is shifting its mission. In an op-ed posted on Quartz, Melinda Gates announced that the foundation will share $170 million over the next four years to help women exercise their economic power.
Be true to yourself!
Today is the day – it is time to feel proud and continue to empower each other! We are all on this amazing journey together – businesswomen, housewives, teachers, lawyers, doctors, actors, artists, bloggers and engineers – each and every single one of us.
Just remember what Oprah said at the Golden Globes this year, “ A new day is on the horizon!”