PWN Global President, Marijo Bos and PWN Mardid President, Rose-Marie Losier, present the global results from the PWN Global Women and Moeny study to an audience at IE Business School. Take a look at how women's perception and understanding of money can really impact on their careers and lives.
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
PWN Global Women and Money, Madrid, February 2014
1. WOMEN & MONEY,
BETWEEN CONTROL &
COMPLEXITY
Madrid, IE Business School,
February 18th, 2014
Marijo Bos, President PWN Global
Rose-Marie Losier, President PWN Madrid
3. WE BELIEVE PWN SHOULD PLAY A ROLE
There are variations in wage gaps up to 20% in
some sectors
(E)PWN Paris initiated the Women & Money
survey and we saw that it would make sense to
launch it big in Spain and take a stronger position
4. WOMEN WERE ENTHUSIATIC ABOUT MONEY TALK
1%
1%
1% 1%
1% 2%
2%
2%
A first surprise:
3500 members
823 questionnaires
Response rate 24%
3%
29%
3%
4%
4%
5%
5%
10%
7%
9%
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8%
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Denmark
Sweden
No reponse
Other
Turkey
Poland
Ireland
Austria
Belgium
Romania
Norway
UK
Portugal
Germany
Switzerland
Spain
Italy
Netherlands
France
6. Despite carrying a large
financial responsibility,
highly educated working
women in Spain take a
passive approach to
managing their current and
future finances.
8. DREAMS IN PROGRESS
Dreams of independence
28%
19%
13%
6%
Earn more money
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Voluntary work
Travel
Artistic activities
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9. Money management
Saving / Security / For rainy days
Careful planning and adjusting
Stay out of debts
Plan retirement
Invest early in property, in a house at your first job,
Total
Towards
children
24%
24%
12%
14%
12%
86%
from
parents
26%
19%
12%
2%
59%
Independance
independance / freedom
37%
16%
Take distance
Enjoy life / Be yourself
Money is a mean, not a goal /can't buy happiness
Total
12%
14%
26%
6%
6%
12%
Total
28%
11%
39%
9%
3%
12%
Total
22%
16%
38%
The way to money
The way to money
Working experience
Work hard / work to deserve money
Education
Develop your career
Manage your salary (ask for more, negotiate)
Find balance between work and family
Learn to manage and place your money, learn accounting
24%
20%
10. WOMEN & MONEY,
BETWEEN CONTROL & COMPLEXITY
Profile of respondents
> 44% (47%)* are between 41 and 50 years old, 29% (33%) between 31 and 40
> Average age is 42
> 48% are women living with a partner and two children
> 71% have at least university and postgraduate studies
> Business and management (40%), science (24%), law and finance (23%) or
liberal arts (13%)
> 86% work full time
> +60% (55%) work for a large company, 26% (33%) are entrepreneurs, 10%
unemployed
> 41% (55%) cumulate between 11 and 20 years of experience, 34% (30%)
between 21 and 30 years
Solid academic footing and economically sound
*Spain figures in brackets
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12. WOMEN & MONEY,
BETWEEN CONTROL & COMPLEXITY
Professional commitment
> 80% think success is essentially linked to a professional career enabled by
higher education
> Meritocratic values push women in professional life
> Work means first and above all independence (74%), next an opportunity for
development (62%), of a necessity in life (56%). Pleasure only comes in 4th
position (42%)
> 93% (75%) feel they do not spend enough time with their families
> 52% (43%) earn higher salaries than their partner
High investment in higher education and in their careers
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13. WOMEN & MONEY,
BETWEEN CONTROL & COMPLEXITY
Work environment favorable for men
• Only 37% (48%) think that women and men are treated
with equality in the companies they are working in
• The further away from HR processes (training,
recruitment, work/life balance...) and closer to
management process linked to power the higher the
inequalities are.
• Men are favored in terms of career management (60% 49%), pay increases (61%) and career advancement
(76%-63%)
• Work/life balance is, ironically, the only domain where women
feel they are slightly better taken into consideration (23%-31%),
which enables them to continue to lead their double days!
Implicitly this position contributes to preventing men from
taking a stronger involvement in their home and family lives.
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14. WOMEN & MONEY,
BETWEEN CONTROL & COMPLEXITY
Weak reaction to questions linked to remuneration
• 75% (83%) are not satisfied with their remuneration,
although being privileged women, both by their studies
and their professional experience
• 69% (81%) do not speak about their salary with friends
• 66% do not ask for pay raises
• 60% find it difficult to ask for a pay raise
• 49% do not feel well-armed to negotiate their salary
• 38% (30%) do not know if their salary is equivalent to
that of a male
The ´´model student complex´´ I worked hard at school, I perform well in my
company, I expect someone to notice my efforts and reward me with a raise
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15. WOMEN & MONEY,
BETWEEN CONTROL & COMPLEXITY
A strong commitment to personal finance
> 91% know how much income taxes they pay
> 90% know their revenues (fixed salary, variable salary, bonus etc.) within 5000
euros
> 90% own their own assets (personal savings for 71% (69%), a personal retirement
plan for 59 % (69%), real estate for 53% ( 49%))
> 80 % fill in their tax forms, alone or with their partner
> 71 % (84%) share a joint account for household expenses
However, 67% do not know what income to expect
when retiring and only 42% are actively preparing for
retirement
Can this paradox be explained by their overall
relationship with money?
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16. WOMEN & MONEY,
BETWEEN CONTROL & COMPLEXITY
The relationship with money: a complex subject but managed rationally
•
54% have a hard time talking about money as it relates
to their personal finances, and the rate increases to 70%
at work.
• Respondents define money functionally: for 85% (95%),
it means security or else a means to achieve an end or
objective for 64%.
• Only a third link money to values such as recognition
(39%-42%), power (29%-27%) or energy (23%-18%).
As a mirror effect, the top fear concerning money is lack of security (46%-43%), not
being able to reimburse debts (21%-24%) and unemployment (17%). Only 12%
declare that they have no fears concerning money.
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17. WOMEN & MONEY,
BETWEEN CONTROL & COMPLEXITY
Money as security, a value received as a family heritage to be transmitted
to children
• “what did your family teach you?” 59% of respondents
spontaneously cite sound money management (savings
and security 26%, financial planning 19%, and refusal to
be indebted 12%).
• Some more liberal families transmitted notions of
independence and liberty (16%) or keeping one’s
distance from money 12% (enjoy life, money is just a
means and not an end)
• “advice that they wish to transmit to their own
children?” Sound management arrives in first place (86%
) with two new categories compared to their parents:
retirement and real estate.
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18. CONCLUSIONS
« The best way to fulfill your dreams is to
wake up »
Pa u l Va l é ry
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