03/08/2024
Just some thoughts on International Women’s Day.
It's International Women's Day! Thank you to all the women out there for everything you do. Today, I celebrate how far you've come despite the obstacles and challenges and honor the resilience and perseverance it took you to get to where you are.
So often, our labor (especially the labor of caring) is unseen, unacknowledged, and unpaid. Yet it is that very labor upon which society has been built.
The United Nations has chosen "Invest in Women: Accelerate Progress" as this year's International Women's Day theme. Being the nerd I am, I decided to put my degree in Gender and Women's Studies to work and dug into information about how we invest in women financially, both here in the US and globally.
Folks, the picture is...less than inspiring. Globally, women are 55% of the unbanked population (World Economic Forum, 2021). Being unbanked has profound consequences for women, as access to financial services and credit can help women lift their families out of poverty. At our current rate of progress, it will take 169 YEARS to close the global economic gender gap (World Economic Forum, 2024). That's simply unacceptable, and we can do better.
Women's participation in the formal economy improves outcomes for everyone-- if women and men participated equally as entrepreneurs, global GDP could rise by 3%-6% (Boston Consulting Group, 2019). Women are better at scouting, hiring, and developing diverse talent, and have happier employees, which leads to better business performance. Over 5 years, women-owned businesses generate, on average, 10% more revenue than male-owned businesses here in the US (Washington State University, https://onlinemba.wsu.edu/blog/women-in-business #).
Senator Paul Wellstone said, "We all do better when we all do better." This International Women's Day, I would like to add that we all do better when women do better. The data backs this up. So, today, let's commit to investing in women to better invest in humanity's future.
Much love,
Sara
