Women put themselves fifth in line to receive any cash, whilst men place themselves second.
n Halifax’s recent study The Reality of Female Fortune, participants, both male and female, were asked a number of questions based on the scenario of winning £100,000. Identifying women as “the fairer sex” the research found that, on winning the money, women would be much more selfless, opting to spend the money on their children, partner, close family and parents before spending anything on themselves. Men, on the other hand, would only put their partner before their own spending desires.
The study highlights a clear difference between British men and women’s attitudes and actions in financial decisions. [quote align=”center” color=”#b64736″]But could there be a correlation between these attitudes and the problems Britain has recently faced in the banking world – a world predominantly run by men? [/quote]Indeed, though this survey is only representative of the UK, it could be argued that the financial sector of both Britain and Asia would benefit greatly from a decreased gender gap in regards to business and economics. After all, women make up half of the workforce so why are we not making half of the decisions, especially if these decisions are being made by those who have a vested interest in their own pockets rather than the depleted pockets of those around, or more significantly, those below them?
This year the Institute of Leadership & Management disclosed the fact that women make up only 11% of corporate managers and senior executives in UK banking. The World Bank also reported that in East Asia and the Pacific women earn around 70 to 80 percent less than men for the same or similar work, and ‘continue to have weaker voice and influence than men in the home, in politics, and in civil society.’ None could argue that the gaping hole of gender inequality has disappeared. Andrew Mason, a Senior Economist in the World Bank stresses the importance of filling these gaps in his report Toward Gender Equality in East Asia and the Pacific. He notes that “when women have the same access to education, productive resources as men and have the same voice and influence in society, there are a number of outcomes which are better.” These include:
• faster growth
• faster reduction in poverty
• healthier, more educated women having healthier, more educated children
And when women’s voices are heard in decision making – delivered by women who act as role models to other women – better, more representative policies can be made which benefit both women and men. ‘The fairer sex’ or not, one thing is clear; women need to be heard, seen and included. To paraphrase Andrew Mason; it is for the good of growth, poverty and the generations to come.
By Roberta Phillips
