Study Shows That Filipino Women Retire With Only 79% Of What Men Earn

A recent study has discovered that when Filipino women and men retire, the accumulated wealth is not equal.

This study was conducted by the international advisory and brokerage firm, Willis Towers Watson and the World Economic Forum, in 39 countries women on average reach only 74% of the wealth accumulated by men by retirement. In the region of Asia and the Pacific, this number goes beyond the global average by two points at 76%.

The difference in wealth between men and women depicts the inequality experienced by women in the workplace on a global scale as previous studies have shown that women in developed economies are often paid less compared to their male counterparts.

In the WTW Wealth Equity Index, the Philippines outplaced the global average. The Philippines scored 79% which places it among developed economies such as Singapore (79%), South Korea (90%), Japan (82%), and China (78%).

“The results from our global analysis are startling. It shows that there is a gender wealth gap consistently across the 39 countries that we studied,”  mentioned Senior Director for  Integrated & Global Solutions at WTW, Manjit Basi.

The study made use of quantitative and qualitative methods to dissect gender wealth equity in 39 countries.

The study reported that in the APAC countries, the gender wealth gap of India was penned at 64%. Gender pay gaps, specifically in technical and professional roles were still prevalent, as well as limited opportunities for women to go up the corporate ladder.

WTW points to traditional stereotypes that women have to let go of careers, also at a young age, to prioritize family and childcare. The firm also points out that financial literacy and long-term financial decisions are more often given to men. Basi mentions that these factors “influence women’s participation in paid employment and therefore their ability to build wealth.”

Source: Philstar