Economic Stability
By: Sam Barrett
Women have been fighting for equality, in many different aspects of life, for generations, successfully altering many outdated social normalities. However, there are still so many glaring differences between men and women socially and, most importantly, economically.
Statistics From UN Women:
Although women in the workforce today have a much different experience than women 50 years ago, there are still numerous challenges that women face economically; gender bias, wage gaps, sexual harassment, unfair taxation, etc. An article posted by the United Nations Women displays many statistics on women’s economic state worldwide and how economically empowering women can improve the economy. Here are some of those statistics:
“Globally, over 2.7 billion women are legally restricted from having the same choice of jobs as men. Of 189 economies assessed in 2018, 104 economies still have laws preventing women from working in specific jobs, 59 economies have no laws on sexual harassment in the workplace, and in 18 economies, husbands can legally prevent their wives from working.”
“Labour force participation rate for women aged 25-54 is 63 percent compared to 94 percent for men. When including younger (aged 15 years and up) and older women (aged 55 and up) , in 2018 women’s global labour force participation rate is even lower at 48.5 per cent, 26.5 percentage points below that of men.”
“Women are over-represented in informal and vulnerable employment. Women are more than twice as likely than men to be contributing family workers. From the latest available data, the share of women in informal employment in developing countries was 4.6 percentage points higher than that of men, when including agricultural workers, and 7.8 percentage points higher when excluding them.”
“The gender wage gap is estimated to be 23 percent. This means that women earn 77 percent of what men earn, though these figures understate the real extent of gender pay gaps, particularly in developing countries where informal self-employment is prevalent.”
“Women bear disproportionate responsibility for unpaid care and domestic work. Women tend to spend around 2.5 times more time on unpaid care and domestic work than men.”
“Women are still less likely to have access to social protection. Gender inequalities in employment and job quality result in gender gaps in access to social protection acquired through employment, such as pensions, unemployment benefits or maternity protection. Globally, an estimated nearly 40 percent of women in wage employment do not have access to social protection.”
“The digital divide remains a gendered one: most of the 3.9 billion people who are offline are in rural areas, poorer, less educated and tend to be women and girls.”
“Women are less likely to be entrepreneurs and face more disadvantages starting businesses: In 40% of economies, women’s early-stage entrepreneurial activity is half or less than half of that of men’s.”
“Violence and harassment in the world of work affect women regardless of age, location, income, or social status. The economic costs – a reflection of the human and social costs – to the global economy of discriminatory social institutions and violence against women is estimated to be approximately USD 12 trillion annually.”
Although this article dates back to 2018, many of these statistics still hold true. For example, a statement from the United Nations in a 2020 report, “Less than 50% of working-age women are in the labour market, a figure that has barely changed over the last quarter of a century.” This report states that some statistics have “remained relatively constant since 1995.”
Hoosier Women:
Indiana is no different than the rest of the world, with similar, if not worse, statistics. According to a Status of Women report done in 2018, “Since the 2004 Status of Women in the States report was published, the gender wage gap in Indiana has widened, a higher percentage of women have bachelor’s degrees, and a larger share of women live in poverty. Indiana has dropped from the middle to the worst third in the nation for both women's Employment & Earnings and Poverty & Opportunity.” Not only have many statistics stayed consistent since 2004, but many have gotten worse. Here are some more statistics on Hoosier women’s economic state from the same Status of Women report:
“If current trends continue, women in Indiana will not see equal pay until the year 2082.”
“The difference between women’s and men’s median annual earnings, $13,900, would pay for 3.4 years of community college tuition in Indiana.”
“If employed women in Indiana were paid the same as comparable men, their poverty rate would be reduced by more than half, and poverty among employed single mothers would drop by more than two-fifths.”
According to a graph of data from this same report, the ratio of women’s to men’s pay has only changed by 2% since 2004, and women’s median annual earnings as full-time workers have decreased by about $2,000. This is not the kind of progress we want to see. It will take decades for us to reach true equality at this pace. Indiana is one of the worst-ranked states in the nation regarding women’s employment and economic status, and this needs to change.
Women’s Economic Empowerment = Overall Economy Improvement:
Why is it so important to create equal representation for women in the workforce and our economy? Well, besides the fact that women deserve this equal treatment and opportunity anyway, here are some statistics from the United Nations on the benefits of uplifting women economically:
“Women’s economic empowerment boosts productivity, increases economic diversification and income equality in addition to other positive development outcomes. For example, increasing the female employment rates in OECD countries to match that of Sweden, could boost GDP by over USD 6 trillion, recognizing, however, that growth does not automatically lead to a reduction in gender-based inequality. Conversely, it is estimated that gender gaps cost the economy some 15 percent of GDP.”
“Companies greatly benefit from increasing employment and leadership opportunities for women, which is shown to increase organizational effectiveness and growth. It is estimated that companies with three or more women in senior management functions score higher in all dimensions of organizational performance.”
Many people believe that women today don’t face nearly as many workplace/economic struggles as we have in the past. However, women are still greatly affected by society's economic barriers and face many challenges in the workforce today. We should be empowering women in the workforce and helping to create a fair, safe workplace and economic environment which will benefit us all.