Gender equality is deep rooted in Indian society, thanks to the patriarchal mindset of the society. Of late, a few voices are able to stir up things a bit. But a lot of people are still following the belief that all other sexes come secondary to the male sex in all aspects. We all are aware of the huge wealth gap between men and women. According to the Monster Salary Index survey revealed in 2018, women in India earn 20 per cent lesser than men, where men earn a median gross salary of Rs 231 while women earn Rs 184.8. The gap widens with experience, men with 0-2 years of experience earn 7.8 per cent higher median wages than women, men with 6-10 years of experience earn 15.3 per cent more and men with 11 and more years of experience earn 25 per cent higher median wages than women. “The gender wealth gap in India is very real. It is very hard to get the actual numbers out. Because a lot of men invest in their names of their wives and daughters. The general pay gap is close to about 65 per cent. So there are chances that the gender wealth gap is higher”, says Priti Rathi Gupta, Founder of LXME The Digital Investment platform for women and MD and Promoter at Anand Rathi Group.
The recent Oxfam (International Confederation of Charitable Organisations) study referred to India’s poor 108th ranking on the WEF’s Global Gender Gap Index of 2018. Talking about the steps that need to be taken to close the gap, Priti Rathi Gupta says, “The number of women in the workforce is declining in India. We need to get more women at the workforce and create the right ecosystem for them. Once we do then we should ensure that the gender pay gap is reduced. Employers need to be more conscious and encourage more women.” She further adds, “There is a lot being said about the change in the mindset etc., but I believe it is the hardest thing to accomplish. It takes a number of years to do so. I think the best thing is to learn from examples. Everything that women watch, whether it is television, films, online channels, all of these needs to have a lot of examples coming through. Content is the best way to change the mindset because mentoring takes a lot of time.”
Priti Rathi Gupta, Founder of LXME The Digital Investment platform for women and MD and Promoter at Anand Rathi Group |
According to the Oxfam study, the unpaid work done by women across the globe amounts to a staggering 10 trillion dollar a year, which is 43 times the annual turnover of the world’s biggest company Apple. Talking about India, the unpaid work done by women looking after their homes and children is worth 3.1 per cent of the country’s GDP. Is the gender wealth gap having an impact on women’s future too? Priti Rathi Gupta has the answer. She says, “Yes, at the end of the day what is your motivation to come back to work or be a part of the workforce? If you are earning well, doing well for yourself that’s when you want to come back to the workplace. Also, women should learn to manage their money. Because you may earn a very good salary or package but if you are not managing it properly like if your money is kept in fixed deposits or in bank accounts then you should ensure a better growth for your savings.”
Investment is one of the options to bridge the gender wealth gap. “I think women should first understand their goals and then work for their money to grow. Women are more conservative by nature and avoid taking any risks. To start with, first, break down the list of wherever your money goes whether it is fixed deposits or savings. Now analyse, is your money growing? Is the interest enough and is it beating the inflation and if not where else can we put the money and I think it is important for women to understand to seek out the information and break the barrier that does not allow them to the world of investments. There are very safe options which will make their money grow at a reasonable rate and beat inflation. So define the goal, understand inflation, different options where you can put your money into. Break the myth that put your money into fixed deposits or buying an insurance and not investing and women should begin small and early and understand how your money will grow.” She further adds, “In my 15 years of financial career, what I realise is women in financial sectors don’t take the responsibility of their own money. Less than 1 per cent of the working women actually invest their money and that is a very sad figure compared to close to about 18 per cent of men who invest their money.”
