PWN Global Women and Money, Madrid, February 2014
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Transcript of PWN Global Women and Money, Madrid, February 2014
WOMEN & MONEY, BETWEEN CONTROL & COMPLEXITY Madrid, IE Business School, February 18th, 2014
Marijo Bos, President PWN Global Rose-Marie Losier, President PWN Madrid
Background
The story
Spotlight on
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
WOMEN WERE ENTHUSIATIC ABOUT MONEY TALK
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1%
1%
1% 1%
1% 2% 2%
2%
3%
3%
4%
4%
5%
5%
7%
8% 9%
10%
29%
Denmark
Sweden
No reponse
Other
Turkey
Poland
Ireland
Austria
Belgium
Romania
Norway
UK
Portugal
Germany
Switzerland
Spain
Italy
Netherlands
France
A first surprise:
3500 members
823 questionnaires
Response rate 24%
Background
The story
Spotlight on
Despite carrying a large
financial responsibility,
highly educated working
women in Spain take a
passive approach to
managing their current and
future finances.
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Cards on the Table
DREAMS IN PROGRESS
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28%
19%
13%
6%
Earn more money Voluntary work Travel Artistic activities
Dreams of independence
Towards children
from parents
Money management
Saving / Security / For rainy days 24% 26% Careful planning and adjusting 24% 19% Stay out of debts 12% 12% Plan retirement 14% 2%
Invest early in property, in a house at your first job, 12% Total 86% 59%
Independance independance / freedom 37% 16%
Take distance Enjoy life / Be yourself 12% 6%
Money is a mean, not a goal /can't buy happiness 14% 6%
Total 26% 12%
The way to money Work hard / work to deserve money 28% 9% Education 11% 3%
Total 39% 12%
The way to money Working experience
Develop your career 22%
Manage your salary (ask for more, negotiate) 16%
Total 38%
Find balance between work and family 24%
Learn to manage and place your money, learn accounting 20%
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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Spotlight on
Background
The story
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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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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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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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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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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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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CONCLUSIONS
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« The best way to fulf i l l your dreams is to
wake up »
Paul Valéry