Indian Women Enjoy Only 64% of Wealth As Men At Retirement: Study
Women attains only 74% of affluence (wealth) during the retirement phase as compared to the men, and in APAC, India has the highest gender pay gap of 64%
NEW DELHI: An unforeseen difference between men and women regarding the wealth at the time of retirement exists all around the world. A new global study from WTW, revealed that only 74% of affluence (wealth) is attained by women at the time of retirement as compared to the men. The WTW Global Gender Wealth Equity report shows in Asia Pacific (APAC) that women enjoy only 76% of wealth in the retirement phase as compared to her male colleague.
In India, the disparity in wealth accumulation for women is 64% that of men at the time of retirement, the study showed.
Globally, women in senior positions in the organisation were found to have accumulated only 62% of wealth at the retirement. The study highlighted that the gender wealth gap increases with seniority.
In APAC, gender wealth gap is in its widest form in India which is at 64%. According to the study, one reason for this could be the difference in gender pay in the organisation that prevails in the country since forever. This could be seen specially in regards to people working under the technical role and professional role. Another reason for this could be the fact that only 3% of women in the organisation could occupy the superior positions as it is limited mostly to the men.
Sadly, the childcare responsibilities of women impacts her financially resulting in very less chances of covering it up, says the report.
The senior director, Integrated & Global Solutions, WTW, Manjit Basi, said that, the results of the global analysis that came out is startling. It showed the consistent gender wealth gap across 39 countries. The main reason for this could be the delayed career routes of the women and gender pay gaps in the workforce. Also, the need of family care giving responsibilities makes it difficult for the women to co-operate and participate in the paid employment. Hence, impacting their finances and restricting their abilities in building the wealth.
The gender pay gap stands in 64% in India and 90% in South Korea among the 12 markets in the APAC region. China (78%), Japan (82%), Philippines (79%) and Singapore (79%) has the highest wealth index as per the analysis. (WTW) Willis Towers Watson Public Limited Company is a British-American multinational insurance advisor company.