Research shows majority of women struggle with self esteem
Most women are suffering with general self-esteem issues with 79% admitting to struggling in this area, according to new research released by think tank The WealthiHer Network, which was published for International Women’s Day, taking place on 8th March 2021.
Over 70% of women are feeling less financially secure, 71% say their financial plans have been affected and 59% have had to put a stop to pension retirement contributions as a result of the Covid pandemic. Worryingly, the research also showed that most men over 55* don’t think that gender imbalance is an issue.
At the same time, WealthiHer announced that it would be partnering with the United Nation Foundation ‘Girl Up’ Initiative which works to educate and arm more young women with the leadership skills they need to survive, through the Network’s Project 2021, AdvanceHer programme.
The newly released research provides worrying insights that the issues raised are continuing to be exasperated by several ‘knock on’ factors - the pandemic being just one. According to WealthiHer’s own consumer data, there has been a continued negative shift in the last four months alone:
“The escalating shift in low self-esteem and feelings of less financial security are frankly shocking. Women face a triple whammy of the gender pay gap receding by decades, a pension gap of a third and contributions to retirement pots stalling as a result of job losses and furloughing,“ said Tamara Gillan, CEO, WealthiHer.
“For the next generation of women, job prospects are three times lower than they were this time last year. We are now on a mission to help those effected whose paths have been interrupted. We want to get them access to the financial education they need and deserve and help them to thrive. This is exactly what Project 2021, AdvanceHer and our partnership with the United Nation Foundation ‘Girl Up’ initiative does,“ added Tamara.
WealthiHer initially asked over 2000 men and women questions around wealth, security, self-esteem and personal finances in 2020 prior to the first lockdown and again in October 2020 for its comprehensive Changing Face of Women Report.
Findings from this updated research were compiled throughout February 2021 and clearly show the continuing impact that pandemic is having on finances as well as what WealthiHer describes as ‘self’.
The self-esteem findings are peculiar to the UK. WealthiHer also asked the same question to men and women in Hong Kong, China and Singapore. Conversely 60% women across Asia said they have high or very high levels of self-esteem.