What’s stopping women from reaching their full financial potential?

New research from beauty brand Avon reveals that income (47%), lack of flexible working opportunities (37%), and the ability to start your own business (20%) are among the biggest disparities, Which women in the UK face. Holding back from reaching your full potential financially and at work.

The Global Progress of Women by Avon report, which reflects the views of more than 7,000 women in seven countries including the UK, finds that while more than half of women in the UK (55%) would like to earn more money, whether through In another income stream or their current role, nearly a third (31%) believe that access to setting up their own business is favored by men.

With a legacy of championing women for over 136 years and a business model that gives women more choice and freedom to earn money, Avon is calling on people to challenge the barriers that keep women from working. and prevent equal access to income.

barriers to entrepreneurship

Female entrepreneurship is on the rise worldwide, with eight to 10 million small and medium-sized enterprises with at least one female owner in developing countries, according to the World Economic Forum.

Despite this, men still outnumber women three to one when it comes to business ownership.

The four most common barriers women surveyed in the UK faced when it comes to starting their own business are finance (52%), not knowing where to start (37 %), lack of confidence (36%) and fear of failure (36%).

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In line with Avon’s findings that the biggest obstacle for women surveyed is finance, Atomico’s research shows that the share of female founders’ investments has stagnated, with 87% of all venture capital funding in Europe going to male founders alone. raised by the teams.

Worryingly, investment in women-only teams has fallen from 3% to 1%, despite evidence that shows women can deliver 25% better returns.

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have to progress

While data from the World Economic Forum shows that the global gender gap has narrowed by 68.1% over the past year, it also suggests that at this rate of progress it will take 132 years to reach full parity.

While measurable structural progress has been made, Avon’s research shows that women’s experiences of living in the UK show that there is still much work to be done; 80% believe that stereotyping towards men is a barrier to equal opportunities.

The living crisis has also contributed to stalling progress towards gender equality, with research by Avon showing nearly three-quarters (74%) of UK women believe the living crisis has affected their finances. have a negative impact.

Furthermore, women are four times more likely to feel that they are most affected by it than their male counterparts.

access to flexible working opportunities

According to WEF data from 33 countries, men’s share of time spent in unpaid work as a proportion of total work was 19%, compared to 55% for women. Despite this, according to research by Avon, more than a third (36%3) of women surveyed worldwide feel that workplace flexibility is favored by men, compared to one in eight (13%) The woman who thinks it is in favor of men.

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Two out of five women (41%) say they find it difficult to work flexibly with men. By not enabling or advocating for women to work flexibly, society holds women back from their earning potential, especially if they want or need to be a caregiver.

This is having a major impact on reaching gender equality, with a third (34%) of women surveyed saying that taking on childcare responsibilities had a negative impact on their career progress.

Holly Tucker MBE, UK Ambassador for Creative Small Business and Founder of Non the Highstreet, commented: “Having advised and supported UK small business owners for over 20 years, I have been fortunate to see firsthand the life-changing benefits of running my own business, particularly for women.

“Helping women flourish and fly, doing what they love, while achieving financial independence, is one of the greatest privileges I have ever been given.

“However, I know from my own experiences building both of my businesses that there is still much progress to be made when it comes to achieving gender equality – even as it has been proven how much it will benefit our wider society.

“We want to make this a reality, and that’s why Avon’s purpose of creating flexible earning opportunities for women with such quality support and coaching really resonates with me.

“I wish more businesses had women at the center of their brands, as Avon does – imagine what the world would look like?”

Angela Cretu, CEO of Avon comments: “Study after study has shown us that when women are empowered and engaged, the whole of society benefits – a better world for women is a better world for everyone.

“While some countries are taking positive steps, many women still face barriers to freedom of choice, work and opportunity to earn. We want to change that.

“For over 136 years, Avon’s business has been driven by hard work driving positive change for women: every time you buy a lipstick, you’re helping to support a female entrepreneur.

“Removing barriers to women’s economic participation is critical to helping women progress. On International Women’s Day, there is no better time to shine a light on this and open up the conversation.

What’s stopping women from reaching their full financial potential? First appeared on Business Leader.

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