Consequently, women report more burnout than men. When women finally get promoted, they are burdened with more work than men and rarely receive the support and flexibility they need nor the reward for their extra efforts. Thus, women in finance may feel the need to adjust to compete in a male environment, and this constant feeling of needing to prove themselves puts undue pressure on women’s mental health. The stereotypical banker is perceived as aggressive, transactional and dominating, traits which are traditionally characterized as masculine. The culture of the finance industry poses another difficulty. The problem is also very present in business schools, where more men than women study finance, and even a lower percentage of women-only about 16%-make up the faculty.įemale professors also have significantly fewer research works published than men. In private equity, only 10% occupy senior roles. Inequality in numbersĪlthough female hires are improving across industries as diversity has increasingly become a priority in hiring processes, only 4.9% of partners currently occupying senior roles in venture capital firms are women. Why does this happen? There is no simple answer, but let’s delve in to this multifaceted issue and explore what it means for women getting started in their finance careers today. These statistics show that, although it’s possible for women to get a foot in the door, making their way up to leadership levels remains a challenge. In 2019, the Deloitte Center for Financial Services reported that only six out of 107 financial institutions in the United States had female CEOs. About 46% of employees in the finance sector are women however, only 15% occupy executive roles. This underrepresentation is clear in the world of finance. "SOFIA is an important project for us, given its potential to inform policies in financial inclusion in Indonesia and support the work of private sector institutions, such as banks, in developing new products to reach the unbanked,” said Abigail Carpio, senior consultant at Oxford Policy Management and team leader for the SOFIA project.It is no news that women, time and time again, get the short end of the stick when it comes to economic opportunities, and that breaking into largely male-dominated fields is no easy task. The results of the SOFIA survey were announced in a recent event, which brought together representatives from relevant government agencies, various financial services providers and development partners, especially those supporting the promotion of financial inclusion in Indonesia. She adds, “I also save my husband’s salary at home, and not in a bank or a cooperative.” I save the money at home in cash,” said Theresia, a micro-entrepreneur from NTT. “From selling petrol and other merchandise at my kiosk, I can earn IDR 2.5 to 3 million in a month. This information on household income and spending can be important when designing financial products – whether these be savings, micro-credit, insurance, or payment services. While there is a case to develop financial products that cater to the particular needs of women, these findings also suggest that in order to understand how money is used or spent in households, women are critical actors to engage with. Women are the ones who typically keep track of household income and make decisions regarding spending. The survey revealed, for example, that more than 60% of women in the provinces surveyed make decisions about the management of household finances independently of their partners, and male spouses often attributed the function of budgeting and financial decision-making to their wives. Among many interesting findings from the survey, SOFIA data showed that women play a critical role as ‘hidden financial managers’ within households: even though assets, such as land and property, are still primarily owned by men, women perform important decision-making functions on the household’s finances. The Survey on Financial Inclusion and Access (SOFIA) is a comprehensive survey on financial usage and access. We have been tasked to design and implement a financial inclusion survey, which is aimed at improving understanding about people’s use of financial services in four provinces in eastern Indonesia – East Java, West Nusa Tenggara, South Sulawesi and East Nusa Tenggara.
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