According to the World Economic Forum’s (WEF) Global Gender Gap Report 2022, gender parity may not be achieved for another 132 years. Globally, the gender gap has closed by 68.1% since 2022.

If progress continues at the current rate, full parity will not be achieved till for a further 132 years.

The past three years have presented challenges for everyone worldwide, but women were particularly impacted. Progress in accelerating gender parity has stalled since the onset of COVID-19.

This is not an industry, country, or region-specific problem. The world needs to come together to ensure progress towards gender parity, and that it doesn’t take 132 years to do so. Collective action is the only way to move forward, which is why TFG is assembling 100 Women in Trade, Treasury & Payments.

It is on all of us to Embrace Equity.

Among 33 countries representing 54% of the world’s working-age population, 19% of men’s time is spent on unpaid work, compared to 55% of women’s. Unpaid care work will continue to be imposed asymmetrically on women as childcare costs rise.

This increased burden for working mothers, termed the ‘motherhood penalty’, affects women in terms of underemployment, slower career progression, and lower lifetime earnings.

According to a BCG global study there is a gap between women who hold entry-level and mid-level positions and those who hold senior-level positions. BCG found that women represent 62% of non-managerial positions, but only 34% of senior positions, and 39% of executive positions.

This is especially true in the finance sector, where more than one-third of women experience day-to-day inequalities. 17% of women in the finance industry say their managers don’t help them develop their full potential, compared to 11% of men.