Why financial feminism will be a trend to watch in 2023
In 2023 we will see surging inflation and recession, but there is another trend on the horizon – financial feminism.
There is copious research proving women earn and save less money than men, which puts their financial wellbeing at risk. There are several reasons why economic challenges will have a greater impact on women.
Systemic inequalities
Social norms and gender stereotypes mean women are often in low-skilled jobs with low wages. They often have unpaid caring roles that reduce the working hours they can do.
Insecure job opportunities
Women hold most health and social work jobs, as well as education roles, whereas men dominate the more lucrative sectors such as finance, law, IT, and real estate. Even when women work in high-paying sectors, it is unusual for them to earn as much as men.
Being overrepresented in insecure jobs means women have little to no access to benefits such as maternity protection, paid leave, and healthcare.
The effects of motherhood
There is even further disparity between women’s and men’s pay increases when women begin to have children, resulting in no source of income or a considerably reduced level of income. Women looking to progress within the workplace can also be affected by promotions and hiring favouring men due to the nature of motherhood.
With rising awareness issues such as gender equality, financial feminism will be a big trend in 2023. One way an employer can support its female workforce with their finances is by using impartial financial education tools such as nudge. With tools within nudge, employees can help their female workforce with their finances with planning tools for each persons’ individual needs.
Supplied by REBA Associate Member, Nudge
A leading financial wellbeing benefit using behavioural science & technology to help employees.
