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Gender gap is more than just pay — it’s financial independence

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Equality in the workplace might be improving, but there’s still a large chasm between men and women. And the gender gap is not just about how much you’re paid. It is about your whole financial independence.

Although women have come incredibly far in the last few decades there’s still a huge gender gap when it comes to financial independence. But how has this gap managed to flourish despite years of progress when it comes to gender equality? And how can we hope to close this gap once and for all in the coming years?

According to a recent wealth management study by Saunderson House, the financial wellbeing importance-ability gap is much higher for women than men. Their top financial priorities are the same as their male counterparts, but their perceived ability to reach these milestones is a lot less. So, is it a case that women have simply been conditioned by years of being on the financial back foot to expect less?

Why does it matter

When women are earning roughly 80p for every £1 that a man earns, there is a disparity that simply cannot be ignored. Its also been theorized that men each peak earning age around ten years later than women so, in theory, women should be better equipped to reach financial independence before retirement than their male counterparts. What is needed is a little shot of confidence.

Historically speaking, women have lacked confidence when it comes to investment but its this kind of passive earnings that are the best way to reach financial independence before retirement age. Women have always been more conservative when it comes to their investments than men and this can be a wise move sometimes. Without risk, however, there is often very little reward.

What can we do about it?

Women should be utilizing their natural inclinations to build their savings and help close the gender pay gap for good. Because, if more women can earn their financial independence it can set an important precedent for those coming up behind them. Women have multiple qualities, however there are three in particular that should be harnessed to create financial empowerment.

TenacityTheres a natural female tenacity that lends itself naturally to making money and achieving financial goals.

Trust – Generally speaking, women find it easier to trust people than men do. This could be seen asa negative when it comes to finance and investment but quite the opposite – those that trust better and deeper are more likely to make better decisions when it comes to advisors and investments.

Talking – While the idea that women like to natteris a stereotype rooted in misogyny, women are naturally more verbal creatures. They use this verbosity to connect with other people on a deeper and more profound level. Its these kinds of connections that could give them the financial investment edge.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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