Labor market for women. Financial gap, glass ceiling. Report “Financially independent Polish woman. How do women think about money?

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As long as we do not mature to the fact that paternity leave is something normal, and a sick child can be equally cared for by each parent, women in the most important years for the development of their careers will have to choose between caring for a child and professional development – noted the “Financially independent Polish woman quoted in the report. How do women think about money?” Maciej Przygórzewski, chief currency analyst at Walutomat.

The authors of the report “Financially independent Polish woman. How do women think about money?” They referred to data from the World Economic Forum, which show that women performing the same duties as men receive 8.7% less wages.

It has been reported that it will take another 132 years to close the global wage gap. In Central and Eastern Europe, including Poland, it is estimated that it will take 107 years. The Dun and Bradstreet report shows that the percentage of women CEOs in 2021 was 19.5%, and the percentage of board members was 25%, which means that despite over 40% participation of women in the Polish labor market, as much as 80 percent. CEO positions and 75 percent men on the board of directors. “This is a glass ceiling that women have been struggling with for years. There is still a belief that women have lower competences due to motherhood and there are social roles firmly rooted in our mentality. All these elements affect women’s lower financial independence, or even the willingness to invest.” – assessed in the press release.

There is a model that the upbringing of children is the role of a woman

The report shows research by the Statistical Office of the European Union, which shows that the gap in employment between men and women increases with the number of children raised. The employment rate for childless men was 75%, while for childless women it was 67%. In the case of one child, it was 87% and 87% respectively. and 72 percent, two – 91 percent. and 73 percent, and three and more – 85 percent. and 58 percent This pattern is visible in most European Union countries, including Poland.

Maciej Przygórzewski, the chief currency analyst at Walutomat, noted that, unfortunately, the model that raising children is the role of a woman still lingers in Poland.

“As long as we don’t get to that point paternity leave is normal, and each parent can take care of a sick child equally, so long as women in the most important years for the development of their careers will have to choose between caring for the child and professional development. The best proof of how far we are from this situation is the fact that while writing this text, the autocorrect corrects the word pacierzyński to maternity, treating it as a mistake. How do women think about money?

Olga Kozierowska, president of the Foundation for Success Written with Lipstick, originator of the Businesswoman of the Year competition, added that there is still a stereotype in Poland that if necessary, a woman should give up her job to take care of a child, home or an elderly family member.

“It is strengthened by the fact that very often the husband earns more and the family cannot afford to give up his income or reduce it. The wage gap in Poland is still high, in addition, women are often promoted more slowly as part of the so-called punishment for motherhood or not “They receive raises. And having your own finances means freedom and the ability to choose, self-fulfillment, breaking out of a potentially violent environment. Changes in mentality alone are not enough and proceed too slowly. In order to achieve financial independence for women in Poland, we need systemic changes” – she emphasized.

Financial education and security

The authors of the report also pointed to the problem of low economic awareness, which has serious consequences. Reference was made to the data from the OECD report, which shows that almost one third of Poles assess the level of their own financial knowledge as low or very low. They understand some basic financial concepts, but at the same time it is difficult for them to translate this scant knowledge into any actions. This low level of knowledge is reflected in the relatively small number of Poles investing in financial markets or having additional retirement savings.

When asked if financial education could improve the financial independence of Polish women, Łukasz Grygiel, an entrepreneur who conducts training and workshops on personal finance, replies that it definitely is. “Especially if we look at financial education more broadly. Its full scope includes not only hard financial and economic knowledge, but also a specific set of skills, beliefs and motivation. To achieve financial independence, you need a lot of capital, high income and the ability to save and invest. However, it is much more important and more difficult to develop the right habits or learn an entrepreneurial approach to life, especially when such education was lacking in school times” – he said.

Nina Vincenz-Krajewska, spokeswoman for the Warsaw Stock Exchange, noted that women, thinking about money, in the long run associate it with security and stability in the future. In short, they are a means for them to achieve their goals (e.g. training) and dreams (e.g. travel). Unfortunately, women still invest much less often than men, which results from lower acceptance of the risk of losing funds and less confidence in their investing skills capital”. – she noticed.

“Once they start, however, they are more consistent in the implementation of investment strategies and generate, on average, higher rates of return. According to research, despite still lower earnings in comparable positions, women save more from their salary than men and are less impulsive in investment decisions “- she explained.

Read also: Mothers work less often, fathers more often. Employment gap between parents

Main photo source: Mateusz Marek/PAP



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