Financial and economic independence are central to achieving gender equality and women’s empowerment globally.
Still, women often face significant challenges in accessing financial resources, acquiring assets, and securing stable employment opportunities. This lack of access to financial resources and economic opportunities has a significant impact on women’s ability to achieve independence and realize their full potential.
Despite the significant progress that has been made in recent years towards gender equality, women still lag behind men in many aspects of the economy. According to a report by the World Economic Forum, women’s participation in the global labor force is only 47%, compared to 74% for men. This disparity is even greater in developing countries, where women’s participation in the labor force is only 36%. (OECD, 2022)
One of the main challenges facing women in achieving financial and economic independence is the gender pay gap. Women continue to earn less than men for the same work, and this disparity persists across all levels of education and experience.
Another challenge facing women is the lack of access to financial services and resources. Women are less likely than men to have access to formal banking services, credit, and insurance. This lack of access to financial resources limits women’s ability to start and grow businesses, invest in education and training, and accumulate wealth.
To address these challenges, there are several strategies that can be implemented to promote women’s financial and economic independence. Some of these strategies include:
- Addressing the gender pay gap:
Governments and employers can take steps to address the gender pay gap by implementing policies and practices that promote pay equity. This can include measures such as pay transparency, anti-discrimination policies, and affirmative action programs. In Thailand, the gender pay gap is 10.94 % and seems to be growing year by year as the general wage of workers rise, according to the World Bank.
- Increasing access to financial services:
Governments and financial institutions can work to increase women’s access to formal banking services, credit, and insurance. This can include measures such as providing financial education and training, establishing microfinance programs, and promoting mobile banking and digital financial services.
- Promoting women’s entrepreneurship:
Governments and business organizations can promote women’s entrepreneurship by providing training and mentorship programs, access to capital, and networking opportunities. This can help women to start and grow businesses, create jobs, and contribute to the economy.
- Investing in education and training:
Governments and employers can invest in education and training programs to help women acquire the skills and knowledge needed to succeed in the workforce. This can include measures such as vocational training, apprenticeships, and lifelong learning programs.
- Supporting women’s saving groups:
Harnessing the power of women saving towards goals in unity is a tool towards empowerment and against poverty. Women in saving groups can input a small amount of money and, collectively, the women can invest in projects to strengthen and empower their community.
In conclusion, achieving women’s financial and economic independence is essential to promoting gender equality and women’s empowerment globally. While there are significant challenges that must be addressed, there are also many strategies that can be implemented to promote women’s access to financial resources, economic opportunities, and equal pay. By working together, governments, employers, and civil society organizations can create a more inclusive and equitable economy that benefits everyone.