Women need to invest more - changing education, pension plans, better financial literacy and a greater response from banks can help.
Taken together these trends suggest that efforts to open up gender equality are having some success at public and executive levels across institutions and corporates, but that as far as the situation is concerned for everyday women, there is enormous work to be done.
One of the oddities of the coronavirus crisis, and I would say moral inconsistencies, is that stock markets have traded at all-time highs, whilst unemployment rates and economic precarity also touched extreme levels, though thankfully employment is recovering. The lesson here is that in 2022 we need to ‘build back better’ in the sense not only of President Biden’s spending plan, but in terms of the demographic that the spending focuses on.
One element that is of growing importance into 2022 is ‘investment inequality’. Women work less than men, are paid less and live longer, but they also invest less than men. They face many barriers when it comes to investing – traditionally banks and asset managers have not been women friendly, either from the point of view of female clients or employees. Most women do not view the financial industry as an inclusive one.
The OECD recommend a number of measures, such as the relaxation of eligibility requirements so more women are able to participate in retirement savings plans, the tailoring of communication to women to raise their awareness of the importance of saving, allowing flexibility for women to contribute to plans however and when they can, implementing non-conservative default investment options to overcome women’s risk aversion and consider women’s longer life expectancies in the design of the options...
In 2022, with stock markets at all time highs, attention should focus more on gender investment parity. In many countries there is a new generation of women who have the capacity to become financially independent. Equally the rise of digital finance provides the means to make investment more accessible to people, and equally social media now provides the mechanism for women for example, to have a greater, more powerful voice.
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