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When it comes to money, the gender wealth gap remains very much an issue. Despite the ongoing quest for parity, recent statistics reveal that even in 2024, not one single country out of 195 countries in the world has achieved financial gender equality. It’s shocking stuff, but knowledge is power. By becoming educated on just a few personal finance matters, women can maintain their power, and move forward financially with confidence.   

The Gender Wealth Gap

This describes the disparity between the wealth of men and women and exists due to various factors. The gender wealth gap has far-reaching consequences for women’s economic security and wellbeing; it affects their ability to retire comfortably, own a home, and provide for their families.

One way to address the gender wealth gap is through education. Women need access to financial education and resources to help them make informed decisions. Unfortunately, this is not always taught in schools, leaving many women feeling confused and overwhelmed when it comes to money matters. They often face unique financial challenges such as childcare and living longer than men (meaning their money must last longer). By becoming financially literate, women can empower themselves to overcome these challenges and achieve their financial goals.

What To Consider

You don’t have to understand everything about the financial market, macroeconomics or even stocks and shares to excel in personal finances. All you need is to understand your goals and timeline, your risk tolerance and how much cash you need to set aside. The next step is implementing this knowledge, because this information is rendered useless if you do nothing with it. After you’ve figured out your own clear personal goals, you need to get started, because the longer you leave gaining control of your financial situation, the less time you have to make matters happen.

  • Just 10% of Fortune 500 CEOs are women. That’s 51 women, only three of which are black
  • Women globally earn around 37% less than men in similar roles
  • 265 men have more wealth than all women in Africa, Latin America and the Caribbean combined

Develop A Money Mindset

Financial literacy is an important skill for everyone to possess, but it’s especially crucial for women. The good news is that getting started with financial planning doesn’t have to be overwhelming. There are plenty of options available to help you grow your wealth over time. By educating yourself about them, you’ll be better equipped to make informed financial decisions that will benefit you in the long run.

Overall, it’s important to overcome the discomfort of talking about finances and start having open conversations about money. Doing so can help to improve financial literacy, strengthen relationships, and lead to better financial outcomes.

Ultimately, the key to successful financial planning is to start early and stay committed. Small steps every day can improve your financial situation, and build a strong foundation for a secure and prosperous future.

We can all work towards closing the gender wealth gap by imparting knowledge, educating ourselves, and creating safe spaces for women to share and discuss. Whilst there’s still a long way to go in terms of global policies, taking action individually can help close the gender wealth gap.

Please contact Danielle on danielle.teboul@sjpp.asia if you would be interested in a complimentary review of your personal financial situation together with one of our wealth planners.

The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851. St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.

Source: World Economic Forum: Global Gender Gap Report 2021