Why are the majority of women struggling with self-esteem issues?
It alarms me (and saddens me) that most women are suffering with general self-esteem issues. 79% of women admit to struggling in this area, according to our The WealthiHer Network 2020/21 report ‘The Changing Faces of Women’s Wealth’.
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. The findings from our updated research were compiled throughout February 2021 and clearly show the continuing impact that pandemic has had on finances as well as what we at WealthiHer describes as ‘self’.
Shockingly, 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.
Most worryingly for me though is that the research also showed that most men over 55 don’t think that gender imbalance is an issue.
In response, WealthiHer is 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.
Our research provides many worrying insights that these issues are continuing to be exasperated by several ‘knock on’ factors - the pandemic being just one, and according to WealthiHer’s own consumer data, there has been a continued negative shift in the last four months alone:
On top of feelings of low self-esteem and having less financial security, women are facing 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.
And indeed, 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.
Which is why WealthiHer is 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.
Our campaign calls on two thousand and twenty-one women to pledge £100 each to help create a better future for the next generation of female leaders and entrepreneurs, demarcating 50% of the funds for UN’s Girl Up, a movement advancing girls skills, rights and opportunities to be leaders.
The other 50% is going towards the education and scholarship program we are currently building – which will give students access to its events, curated masterclasses in negotiation training, pitching etc and By Association content such as the SmartPurse sessions also offering a set number of internship opportunities each year.
Through positive steps like this, we aim to put an end to gender imbalance in the workplace and place women on an equal footing for the future.