1、2022 Global Gender Wealth Equity ReportThe role of gender in wealth equity A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive changeWhat is the gender wealth gap?This report shares our flagship research on the

2、gender wealth gap.We analyze the intermingled effects of pay,career progression,financial literacy and events that occur during womens working lifetimes that inequitably affect their wealth at the end of their careers relative to men the gender wealth gap.We would like to thank the World Economic Fo

3、rum for their collaboration on this research and all those who contributed to these important insights which shine a light on a critical,overlooked and under-researched aspect of gender inequity.This wealth aspect of gender inequity has not been widely considered.Acknowledgment is needed that it exi

4、sts and from there,the disparity can be quantified,and actions taken to normalize gender wealth outcomes.TABLE OF CONTENTSForeword3Key findings 6The Wealth Equity Index 8Global results 9Global results bypersonas 11Global results byregion 12Asia Pacific 13Europe15Latin America 16Middle East and Afric

5、a 17North America 18Driving positive change to reduce the wealth gap 19Who can impact thischange?19Focus on actions foremployers 20 A call to action 212A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive change3

6、Foreword Longstanding global inequities have disproportionately affected women over the duration of their careers.And its increasingly clear that there are far-reaching repercussions to this trend for individuals,organizations as well as society as a whole.Research has shown that organizations with

7、more gender diverse workforces,as represented by women across all levels of the organization,are correlated with higher average returns.When companies have taken a holistic approach toward equal representation,they have outperformed their less diverse peers by 3.1%per year1.Leading analysts have obs

8、erved productivity improvements and financial outperformance in companies with significant concentrations of female directors,with the converse observed where there is a lack of women in senior leadership2.Even to the exclusion of the broader societal benefits for championing gender equality,the fin

9、ancial consequences alone should be impetus for businesses to act.1Morgan Stanley,Why Gender Diversity May Lead to Better Returns for Investors 2McKinsey,Diversity Wins:How Inclusion Matters and MSCI,Women on Boards:One Piece of a Bigger PuzzleA call to actionForewordKey findingsThe Wealth Equity In

10、dex Global resultsGlobal results by personasGlobal results by regionDriving positive changeThere has been an increasing focus on reversing this trend of gender discrimination through the recent environmental,social and governance(ESG)awakening,which has highlighted the needs of the underserved in co

11、untries,communities and among cohorts of people.In addition,corporate efforts to further diversity,equity and inclusion(DEI)have helped narrow the gender pay gap and underrepresentation of women on boards and in leadership roles.Yet despite the attention and progress made in these specific areas,the

12、se issues are often seen through a single lens.For instance,previous gender studies have focused on assessing gender disparities from the single lens of pay,career,pensions and longevity or workforce representation.The reality is that the issue of gender inequity and its causes and effects are multi

13、dimensional and should be studied and addressed as such.By focusing on wealth,we can consider the effects of many intermingled inequities,including pay,career progression,financial literacy and events that occur during a working lifetime.And we can measure the one metric accumulated wealth at retire

14、ment.By focusing on wealth,we can consider the effects of many intermingled inequities and measure the outcome via one metric accumulated wealth at retirement.4A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive

15、 changeThe Wealth Equity Index takes a holistic view across the career lifetime to quantify the extent of the gender wealth gap.We analyzed both quantitative and qualitative aspects of gender wealth equity,with deep dives into 39 countries.The results from our global analysis are startling.It shows

16、that there is a gender wealth gap consistently across all countries globally(although the level varies),and the average global index is 0.74,which means that upon retirement,women are expected to only accumulate 74%of the wealth that men have.We identified ways employers can lead real and lasting ch

17、ange,which can help improve womens wealth outcomes at the end of their careers.Upon retirement,women are expected to accumulate 74%of the wealth that men have.About the Wealth Equity Index The WTW Wealth Equity Index(WEI),developed in collaboration with the World Economic Forum,takes a holistic view

18、 of gender inequities across womens lifetimes and attempts to quantify the extent of the gender wealth gap for a selection of countries globally.The first step in our analysis was to hypothesize the factors contributing to the gender wealth gap.We surmised that lower wealth accumulation for women ma

19、y stem from a combination of:Lower pay compared to men(the gender pay gap),contributing to lower savings and less wealth generation for the same workplace roles as men Less opportunity for promotion and recognition than men,leading to slower wage growth and less wealth accumulation Gaps in career du

20、e to women being more likely to temporarily or permanently exit the workforce to fulfill caregiving responsibilities Burdens associated with bearing more household and family responsibility even while remaining employed,influencing career and pay and also directly affecting wealth Different levels o

21、f financial awareness and greater risk aversion when investing Life events such as divorce or becoming widowed and becoming single-earner households,which limits expendable income and wealth accumulation5A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by pers

22、onasGlobal results by regionDriving positive changeKey findings The key findings of our research are as follows:1.The average global Wealth Equity Index across the 39 countries included in the analysis is 0.74.This means that upon retirement women are only expected to accumulate 74%of the wealth tha

23、t men have.With the country indices ranging from 0.60 to 0.90,we see a significant variation of gender wealth equity globally.Our analysis found that the primary drivers contributing to gender-based wealth disparity are gender pay gaps and delayed career trajectories.2.Primary drivers contributing t

24、o gender-based wealth disparity include gender pay gaps and delayed career trajectories.Career absences due to maternity leave and responsibilities outside the workplace(e.g.,childcare and eldercare)influence womens participation in paid employment and therefore their ability to build wealth.Additio

25、nally,gaps in financial literacy exacerbate the divide.3.Women in senior positions have the largest gaps in accumulated wealth.The index considers different roles to measure the impact of gender on wealth accumulation across different career paths,and we found that women in senior positions faced th

26、e compounded effect of gender pay gaps and delayed career paths.4.Caregiving has a negative impact on womens ability to accumulate wealth.Caregiving responsibilities leading to part-time work and career breaks affect women disproportionately compared to men,as they lower their rate of workforce part

27、icipation and time spent employed.Even while working,women may contribute less time to their roles compared to men due to family responsibilities.Such gaps in earnings result in lower wealth accumulation at retirement.Structural differences in statutory leave provisions related to childcare exacerba

28、te gender inequities.5.Retirement plans are a significant component of accumulated wealth.All 39 countries included in the index provide state retirement benefits,and some provide mandatory retirement benefits.Employer-sponsored plans are also prevalent in some markets.The Wealth Equity Index reveal

29、ed the importance of employer-sponsored plans and the impact that pay inequity between genders,delayed career progression,caregiving and financial literacy have on wealth at retirement.Women typically have lower financial awareness,investor confidence and risk tolerance throughout their careers,resu

30、lting in a compounding effect on their wealth.6Women typically have lower financial awareness and risk tolerance,resulting in a compounding effect on their accumulation of wealth.A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by reg

31、ionDriving positive changeThe COVID-19 pandemic will have a prolonged impact on womens long-term wealth.With children at home during the pandemic and with women serving as the primary caregivers in the home,a disproportionate number of women have left the workforce or reduced their hours,causing wom

32、ens wealth to decline further3.This may have been partially offset by a rising prevalence of work from home arrangements,allowing some women to continue working where they might have otherwise been unable to do so.However,this offset is likely to vary widely by market,depending on infrastructure(bot

33、h physical as well as in terms of caregiving support),workplace role and technical ability to work from home.This complex issue warrants further research when more data is available and is currently beyond the scope of this study.7Women are disproportionately affected by COVID-19 and this is expecte

34、d to have enduring effects on their wealth accumulation.3World Economic Forum,2022 Global Gender Gap Report,page 32.Chapter 2.1A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive change8The Wealth Equity Index T

35、o understand the extent of the gender wealth gap and disparity in male and female wealth as accumulated over a career life cycle,WTW has developed the Wealth Equity Index(WEI)in collaboration with the World Economic Forum.After determining the accumulated wealth at state retirement age for specific

36、personas(based on job roles)from the working population,the ratios between female and male accumulated wealth are calculated.The country WEI is a weighted value that allows for the distribution of roles in the workforce and the prevalence of different scenarios.Its important to note that the WEI is

37、not a reflection of absolute wealth a country or modeled persona may rank favorably in terms of the WEI however not correspondingly well in the monetary value of accumulated wealth at retirement.The index is purely a measure of gender wealth equity and no conclusions are drawn regarding the sufficie

38、ncy of the absolute wealth level at retirement.For more on our methodology,see the Methodology and Assumptions on page22.Put simply,the WEI represents the gender wealth gap between men and women at retirement.The WEI is a number between 0 and 1,with 1 indicating no difference in accumulated wealth b

39、etween genders and indices closer to 0 indicating the highest differences.The model estimates the wealth accumulation of men and women during their career lifecycles by projecting different sources of wealth state and mandatory benefits,employer-sponsored retirement plans,real estate and personal sa

40、vings.While there are many direct and indirect factors impacting the relative wealth,this study focuses on the key drivers that may affect the accumulation of wealth differences in role,pay and career progression,family support,life scenarios such as divorce and widowhood,and financial literacy and

41、risk tolerance for men and women.These drivers have been selected as they are considered broad enough to be consistent across countries and expected to have the highest relative impact.Female accumulated wealth Male accumulated wealthWealth Equity IndexA call to actionForewordKey findingsThe Wealth

42、Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive changeGlobal results9Figure 1.The global wealth equity distribution for 39 marketsWTW Wealth Equity Index(WEI)0.650.66 0.700.71 0.750.76 0.800.81 0.850.86 0.90A call to actionForewordKey findingsThe Wealth

43、Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive change10North AmericaMiddle East and AfricaLatin AmericaEuropeAsia Pacific0.76 0.76 0.77 0.67 0.71 Figure 2.WEI averages by regionThe Wealth Equity Index found widely varying gaps in womens accumulated weal

44、th at retirement by country compared to men.It substantiates that women are at considerable disadvantage in the accumulation of wealth at the end of their careers.Globally the indices calculated range from 0.60 in Nigeria,0.61 in Argentina,0.63 in Mexico and Turkey to 0.84 in Austria,0.86 in Spain a

45、nd 0.90 in South Korea.In between these extremes,there is a middle ground occupied by most countries(Figure 1).Regionally,we found that Europe,Asia Pacific and North America had the higher WEIs(Figure 2).A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by pers

46、onasGlobal results by regionDriving positive change11Global results bypersonasThe global analysis also considered specific personas from the working population,based on job roles.Our analysis found the following:For frontline operational roles,the overall gender wealth gap averages 11%.For professio

47、nal and technical roles,the gap nearly triples,averaging 31%.For senior expert and leadership roles,it grows further to an average of 38%.A significant finding of our research is that women in leadership roles are affected disproportionately in terms of accumulated wealth at retirement relative to t

48、heir male counterparts.This is due to the compounded effect of more limited career progression and lower salaries.Countries with a higher proportion of women in leadership roles,often in European and North American regions,such as Belgium,Switzerland and the U.S.,are more impacted by this effect.Wom

49、en in leadership roles are affected disproportionately in terms of accumulated wealth at retirement.Additionally,there are many countries with a significant leadership gap for women,and these are often in Asia,Africa and Latin America.In these countries,which include Indonesia,India,the Philippines,

50、Thailand,Nigeria,Brazil,and Mexico,women in senior positions perform worse regarding accumulated wealth at retirement(with an expected accumulated wealth at retirement of 50%or less of similarly qualified and experienced male counterparts).North AmericaMiddle East and AfricaLatin AmericaEuropeAsia P

51、acific0.58 0.76 0.66 0.77 0.57 0.67 0.64 0.71 0.69 0.76 Senior Expert and LeadershipAverageFigure 3.WEI average for senior expert and leadership roles by region A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positiv

52、e change12This section presents a high-level synopsis of the regional findings.More detailed commentary is available in the respective regional summaries.We analyzed each market based on the wealth impact of:Global results byregionLife events:life events such as divorce and widowhoodFinancial:saving

53、s vehicles,differences in financial literacy and risk tolerance Career:pay and career progressionFamily support:providing family support,such as childcare and eldercareA call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving

54、positive change13Asia Pacific Our findings for Asia Pacific(Figure 4)indicate considerable differences in expected wealth accumulation at retirement and different progress made toward gender wealth equity across the region.Given the variety of cultures,traditions and differences in the relative pros

55、perity and social equality of the countries under consideration,its unsurprising that the results are mixed.Significant pay and career gaps exist for women in India,with higher burdens for caregiving responsibilities affecting the WEI.Toward the lower end of our global findings is India.In terms of

56、career,our research found significant gender pay gaps in India that exceeded the global average,particularly for professional and technical roles and senior expert and leadership roles.Opportunities for women in leadership positions are also limited,with only 3%of women in the workforce occupying se

57、nior positions.Women also tend to assume childcare responsibilities at a young age for the region,resulting in financial impacts from which women have limited capacity to recover.Compounding this is that long-term financial decisions generally rest with men and financial literacy for working women t

58、ends to be lower.IndiaThailandIndonesiaHong KongAustraliaMalaysiaChinaSingaporePhilippinesTaiwanJapanSouth Korea0.90 0.82 0.82 0.79 0.79 0.78 0.74 0.72 0.720.68 0.66 0.64 0.86 0.900.81 0.850.76 0.800.71 0.750.66 0.700.65Figure 4.WEI Asia PacificA call to actionForewordKey findingsThe Wealth Equity I

59、ndex Global resultsGlobal results by personasGlobal results by regionDriving positive change14One of the standout performers for the region and globally is South Korea.Although significant gender pay gaps are observed for professional and technical roles and senior expert and leadership roles,differ

60、ences in state retirement benefits between men and women are more muted.This is largely due to earnings limits embedded in the social security benefits,limiting the accumulation of male relative to female wealth.Across Asia Pacific,seven countries included in the analysis have WEIs that are at least

61、 equal to the global average.Similar to South Korea,these results can be attributed to benefit and salary caps embedded in the social security and mandatory retirement benefit systems.Despite the prevalence of higher earnings for men than women with similar skill sets and experience,these caps const

62、rain male wealth accumulation relative to females by limiting the impact the higher earnings have on retirement savings.In South Korea,the earnings limits embedded in social security benefits limit the accumulation of male relative to female wealth.In terms of family support,deep cultural biases in

63、the region entrench stereotypes of women being the primary caregivers.Support is sometimes available via nannies or paid caregivers,but only for the more affluent.Even where women would prefer to return to work and have the financial means,the availability of childcare can be a significant impedimen

64、t.In Japan,the availability of childcare is scarce and waiting lists are substantial.In Australia,a recent study noted that about nine million Australians or 35%of the population live in neighborhoods classified as childcare deserts.4 4Victoria University,Childcare Deserts&Oases:How Accessible is Ch

65、ildcare in Australia?A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive change15EuropeThe Wealth Equity Index was measured in 14 countries in Europe(Figure 5)with an average WEI of 0.77,the highest average amon

66、g the regions studied.It ranged from 0.70 for the Netherlands to 0.86 for Spain.Eleven out of the 14 countries have an average WEI of at least 0.74,the global average.Eleven out of the 14 countries studied are current members of the European Union(EU),which counts gender equality as one of its found

67、ing values.The principle of equal pay for work of equal value is part of the Treaty of Rome and is embedded into EU law.Recently,there has been further legislation including the EU directive on pay transparency.However,despite this,and even though the situation has improved over the last decade,ther

68、e is still a significant gender pay gap in the EU of 13%5.In general,as in other regions,the gender-based wealth disparity is largely a result of pay gaps and delayed career trajectories.Additionally,gaps in financial literacy and responsibilities outside the workplace(e.g.,childcare and eldercare)i

69、nfluence womens participation in paid employment and therefore their ability to build wealth at retirement.In the Netherlands,there is a greater disparity in wealth equity for women across all levels.Employer-sponsored retirement savings plans in this market are linked to pay with no remuneration ca

70、p.Additionally,the difference in financial literacy between men and women results in higher expected investment return(and hence,retirement wealth)for men.In Spain,the accumulation of wealth for women in frontline operational roles is almost at par with men as their pay levels are also almost at par

71、ity.The social security pension benefit that is subject to an earnings limit represents a significant portion of the total retirement income.Although we see significant gender pay gaps for professional and technical as well as senior expert and leadership roles,the earnings cap embedded in the socia

72、l security benefit limits the wealth accumulation of men relative to women.The lack of family support to care for a child which lowers workforce participation has a large impact on womens capacity to build retirement wealth.Figure 5.WEI EuropeNetherlandsUnited KingdomPolandSwedenBelgiumFranceSwitzer

73、landGermanyItaly IrelandNorwayDenmarkAustriaSpain0.86 0.84 0.810.810.80 0.76 0.76 0.76 0.75 0.75 0.74 0.73 0.71 0.70 0.86 0.900.81 0.850.76 0.800.71 0.750.66 0.700.65In the region,the lack of family support to care for a child has a large impact on womens capacity to build retirement wealth in the U

74、.K.,Germany and Italy.These caregiving responsibilities affect women disproportionately compared to men,lowering their rate of workforce participation and time spent employed.Structural differences in statutory leave provisions related to childcare exacerbate gender inequities.5Eurostat,Gender pay g

75、ap A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive change16Latin AmericaDespite the improvements shown in recent years,in part due to government regulations that attempt to enshrine equal labor and social ri

76、ghts between genders,Latin America(Figure 6)presents low indices of gender wealth equity.WEIs across the region range from 0.61 in Argentina to 0.76 in Chile and average 0.67,considerably below the global average.In Argentina and other countries affected by hyperinflation,wealth accumulation is furt

77、her impeded by high levels of inflation which erode the real value of savings.Also,relative to other countries in the region and due to a highly educated female workforce,Argentina has a high proportion of women in professional and senior expert and leadership roles.Given that gender pay gaps are mu

78、ch larger for senior expert and leadership roles,this serves to reduce the WEI for Argentina.Mexico is similar in this respect,leading to the second lowest WEI in the region after Argentina.Chile is the best performer in the region among the countries analyzed.In Chile,supplemental retirement plans

79、are not prevalent and therefore a substantial element of the accumulated wealth is derived from social security benefits.An annual salary cap for professional and senior expert and leadership roles limits gender-related pay differences that would otherwise exacerbate the wealth differential.A furthe

80、r point of difference between the worst(Argentina)and best(Chile)performing countries in the region is womens relative financial literacy.Women in Argentina have relatively low financial literacy among all countries included in the analysis,ArgentinaMexicoBrazilColombiaChile0.76 0.69 0.68 0.630.61 0

81、.71 0.750.66 0.700.65whereas financial literacy for women in Chile is much higher.This results in a better expected return on invested wealth for women in Chile relative to men than Argentina,further reducing the wealth gap6.Women in Argentina have relatively low financial literacy,whereas financial

82、 literacy for women in Chile is much higher,resulting in a better expected return on invested wealth for women in Chile relative to men.There is still a persistent stereotype in Latin America that men are the primary earners and women the primary caregivers in the home.This results in women frequent

83、ly bearing more household and family responsibility.For some countries the different parental leave granted by local social security systems for men and women(between three and four months for women and between five and 15 days for men)not only encourages women to leave the workforce rather than mal

84、e peers,but also results in delayed career trajectories.6Global Financial Literacy Excellence Center,The Gender Gap in Financial Literacy:A Global PerspectiveFigure 6.WEI Latin AmericaA call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results b

85、y regionDriving positive change17Middle East and AfricaAlong with Latin America,the Middle East and Africa(Figure 7)constitute the lowest indices of gender wealth equity globally.The region is also home to Nigeria,the poorest performing country on this metric included in the analysis.Overall,the ind

86、ices range from 0.60 for Nigeria to 0.81 for Israel.In Nigeria,wealth accumulation for women is hindered by career and pay gaps worsened by having children and compounded by a high inflation environment.The child-bearing age is relatively young,and a typically high number of children(the highest by

87、a margin in our global study)results in salary impacts and lower savings among women relative to men.Women rely on state and mandatory programs for wealth accumulation,which are earnings based,so men tend to accumulate more wealth than women.There is a void of employer-funded retirement plans in Nig

88、eria,which had the lowest index in the analysis.Regionally,Israel performed best.For Israel,a significant portion of wealth is derived from state and mandatory programs,which consist of a combination of flat rate benefits and salary related benefits with earnings caps.This serves to limit the wealth

89、 accumulation of men relative to women,and subsequently improve the Wealth Equity Index.For the Middle East specifically,Saudi Arabia and U.A.E were included in the analysis7.The WEI for Saudi Arabia was determined to be 0.80,whereas the WEI for the U.A.E was substantially lower at 0.69.Comparing th

90、ese regional neighbors by looking at the structure of the social security benefits we note that while both systems incorporate earnings caps,our modeling indicates that the earnings cap is more likely to apply to senior roles in Saudi Arabia than the U.A.E.This mutes the impact of higher male salari

91、es when used in the determination of social security retirement benefits and improves the WEI for Saudi Arabia commensurately.Another contributing factor is that the U.A.E has a noticeably higher distribution of women in professional and senior expert and leadership roles.As the wealth differential

92、between men and women increases with seniority,this serves to reduce the WEI for the U.A.E relative to Saudi Arabia,which has fewer women in senior positions.7For consistency with other countries and regions analyzed,wealth accumulation is modeled with respect to local nationals.It is recognized tha

93、t in the Middle East specifically,there is a substantial population of expatriates who are ineligible for certain local benefits.However,this is beyond the scope of this study.Figure 7.WEI Middle East and AfricaNigeriaTurkeyUnited Arab EmiratesSouth AfricaSaudi ArabiaIsrael0.81 0.800.71 0.69 0.63 0.

94、60 0.81 0.850.76 0.800.71 0.750.66 0.700.65A call to actionForewordKey findingsThe Wealth Equity Index Global resultsGlobal results by personasGlobal results by regionDriving positive change18North AmericaSimilar to Europe,the indices for the United States and Canada(Figure 8)are above the global av

95、erage.The two countries are very similar in terms of the makeup of the workforce and cultural norms,so it is not surprising that the WEIs are close.In both countries,pay gaps and delayed career progression are the primary drivers of the wealth disparity between men and women.The pay gap is more pron

96、ounced for women in leadership roles,where the pay trajectories for women are significantly lower than men.For frontline operational roles the pay trajectories are very similar between genders resulting in a higher wealth equity index.Additionally,a larger proportion of wealth for frontline operatio

97、nal workers comes from government benefits as they are capped in the U.S.Social Security and Canadian Pension Plan systems.As a result,the gaps in accumulated wealth between men and women due to womens lower risk tolerance(and resultant lower investment returns)is diminished for frontline operationa

98、l workers when compared to other roles.United StatesCanada0.780.75 0.76 0.800.71 0.75In Canada,new mandatory maternity leave programs result in women taking more time off at lower pay replacement ratios than in the US where women often have full pay replacement during a shorter maternity leave.In th

99、e U.S.,caregiving had similar impacts on men and women.In particular,Canadian women take more time off at lower pay replacement ratios to care for babies(under mandatory maternity leave programs)versus American women who are assumed to receive full pay replacement while on a shorter maternity leave.

100、It is important to note that in the U.S.only 55%of employers offer fully paid maternity leave according to the Society for Human Resource Management(SHRM)8.8Society for Human Resource Management,New SHRM Research Shows Employers Offering Paid Leave Has Increased Figure 8.WEI North AmericaA call to a

101、ctionForewordKey findingsThe Wealth Equity IndexGlobal resultsGlobal results by personasGlobal results by regionDriving positive change Driving positive change to reduce the gender wealth gap Our research indicates that,despite the increased prioritization of diversity,equity and inclusion among cor

102、porations in recent years,there clearly remains work to be done in terms of gender equity.Recent legislation across the globe has accelerated focus and actions around this broad issue,yet there has been a paucity of research(until now)to substantiate the existence of the gender wealth gap,which has

103、hidden this from corporate agendas.Gender wealth equity cannot be addressed in silos,and a Total Rewards approach is needed to narrow the gap.It is imperative that activities around gender diversity,equity and inclusion broaden to look at economic wealth at the end of womens working careers.Next,we

104、explore how progress can be made to reduce the global gender wealth gap.We acknowledge that pay is a fundamental factor that underlies the gender wealth gap and while addressing the gender pay gap will partially close the gender wealth gap,it wont eliminate it entirely.Who can impact thischange?Trul

105、y closing the wealth gap will require the investment and focused effort of private and public players,including not only employers but also governments and public bodies,society at large and individuals who can drive personal actions themselves.19A call to actionForewordKey findingsThe Wealth Equity

106、 IndexGlobal resultsGlobal results by personasGlobal results by regionDriving positive changeFocus on actions foremployers There are many key areas where employers can contribute to a meaningful impact on gender wealth equity,including:Supporting career equity and the representationof roles by inclu

107、ding intentional career enablement,mapping of career trajectories,pay transparencyand skills architecture focused on developingwomen into managerial and leadership roles.Focuson the pipeline for female talent by assessing andeliminating unintended career progression barriersat lower levels of the or

108、ganization.Reducing the gender pay gap by assessingHR programs and processes,understanding whichones are contributing to the gap,and makingimprovements based on the assessment.Forexample,to understand recruiting processes andinitial offers and how they may result inpay inequities.Encouraging financi

109、al literacy and confidence forwomen by facilitating financial resilience workshopsand training with a focus on common traps that maybefall women more than men(e.g.,investing overlyconservatively over a long-time horizon).Reducing the gender pensions gap by ensuringcontinuation of pension contributio

110、ns forwomen during career breaks and designingand communicating retirement programs withconsideration of gender diversity.Enhancing caregiving support with a focus onwealth outcomes by designing leave programs thatrecognize the caregiving responsibilities that oftenfall to women.Promoting flexibilit

111、y in the workplace the postCOVID-19 landscape has already transformed ourcollective view of working flexibly.Flexibility isneeded to support working women in balancingcareer and caregiving responsibilities.20A call to actionForewordKey findingsThe Wealth Equity IndexGlobal resultsGlobal results by p

112、ersonasGlobal results by regionDriving positive changeA call to action We hope this report and research inspires you to explore actions by reflecting on the opportunities available through broader society,government and organizations.Specifically,corporations that employ women across all geographies

113、,roles,pay and career levels can lead the change to address these gender wealth inequities that accumulate during a working career and differentiate themselves as progressive employers supporting the equalization of gender wealth accumulation.Further information For more information on how to help m

114、ake progress within your organization to close the gender wealth gap,reach out to your WTW contact,or:Manjit Basi Senior Director,Integrated&Global Solutions Mark MannDirector,Integrated&Global Solutions 2121A call to actionForewordKey findingsThe Wealth Equity IndexGlobal resultsGlobal results by p

115、ersonasGlobal results by regionDriving positive changeMethodology and Assumptions The WEI represents the relative gap in wealth accumulation between males and females at end of their career.The specific details of the methodology are outlined below.Scope of countriesWe selected 39 countries amongst

116、the largest GDP across the continents to give a solid representation of the existence of the wealth gap globally.Persona detailsWe looked at different roles to demonstrate the impacts on wealth accumulation at different pay and role levels.For practical reasons,the selected roles are a representatio

117、n of the workforce and were not exhaustive as the model aims to demonstrate that wealth accumulation would differ by role and pay level.We applied assumptions for the distribution of the chosen persona types based on WTWs Global 50 data which is reflective of the average working population of our cl

118、ients in that country.Elements of accumulated wealth Accumulated wealth was projected from age 22 to a common state retirement age based on the male state retirement age in the country,to enhance comparability.We recognize that the wealth accumulation gap can continue to widen after retirement age,b

119、ut we chose this retirement age as a definite point,so it is consistent(although not necessarily the same)across countries.Wealth arising from state and mandatory retirement benefits,private retirement plans(company-sponsored employer-provided and employee-provided retirement benefits),real estate a

120、nd personal savings was considered.Additional forms of income such as inheritance,rental income or returns and dividends from investments are not considered.Life scenariosPersonal life situations underlie the modeling such as childcare,eldercare,divorce,and widowhood.Assumptions from global sources

121、were considered,and where necessary were supplemented with local country research.These life scenarios are chosen as those material life events which affect male and female wealth most differently either due to the impact on expenses,savings or salary growth and career service.After modeling each in

122、dividual life event with independent probability of occurrence,we combine the events to consider multiple events occurring together.Pay and career progressionBase salary is a key assumption.Men and women start employment at the same age in the same industry and in the same role,with the same startin

123、g base salary.This starting base salary is based on the median salary from the WTW Global 50 Remuneration Planning Reports.Pay progression is complemented by additional remuneration through bonuses and career progression that differs by scenario and gender.Assumptions related to the assets One impor

124、tant assumption in the projection of retirement benefits(company-sponsored pension plans and personal savings)relates to the expected return on assets which is a function of the asset allocation and the expected investment return of each of the asset classes considering the time horizon.We have also

125、 factored in the difference in financial literacy and risk tolerance between men and women.Additional considerationsThe model controls for areas where there is expected to be a relative difference between the wealth accumulation by gender,and where sufficient global data is available for modeling.Th

126、ere are certain exogenous components of wealth(for example,inherited wealth,differences in the application of taxes between men and women,and educational access and attainment)that were excluded from the model.As a result,the analysis offers a baseline for wealth projections across different countri

127、es that can be expanded upon in each context.Research limitationsWhile the research demonstrates the relative differences in wealth outcomes between men and women at retirement,some caution is needed in interpreting single country WEIs,which are a combination of life events,data and assumptions.For

128、the purposes of this study,we have pragmatically modeled the decisions for each individual in isolation albeit decisions around life events and savings can be a household decision.The modeling is based on sample personas at different income levels applied consistently across the countries in the stu

129、dy for comparability.This study does not control or allow for differences that might be observed across industries,or due to race or ethnicity.Results are best viewed through a consolidated regional or global lens which focuses on relative differences and commonalities.Results are modeled assuming a

130、 local national in the respective country,eligible to participate in that countrys social security and mandatory programs.2222A call to actionForewordKey findingsThe Wealth Equity IndexGlobal resultsGlobal results by personasGlobal results by regionDriving positive 2022 WTW.All rights reserved.WTW66

131、630/09/About WTWAt WTW(NASDAQ:WTW),we provide data-driven,insight-led solutions in the areas of people,risk and capital.Leveraging the global view and local expertise of our colleagues serving 140 countries and markets,we help you sharpen your strategy,enhance organisational resilience,motivate your

132、 workforce and maximise performance.Working shoulder to shoulder with you,we uncover opportunities for sustainable success and provide perspective that moves you.Learn more at .A call to actionForewordKey findingsThe Wealth Equity IndexGlobal resultsGlobal results by personasGlobal results by regionDriving positive change