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> Posted by Robin Brazier, Communications and Operations Associate, the Smart Campaign

Every year on March 8th we honor women around the world by celebrating International Women’s Day. This international holiday not only recognizes women’s valuable achievements and contributions to society, it recognizes the work that still needs to be done to create a more inclusive, gender equal world.

This day resonates especially strongly this year, with the International Women’s Strike also taking place today. For the worldwide strike, women are encouraged to not participate in paid or unpaid work and to avoid spending money – with the aim of demonstrating women’s integral professional and economic role in society. Over 50 countries around the world are participating in the strike, from Canada to Cambodia.

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> Posted by Beth Porter, Financial Inclusion Policy Advisor for the United Nations Capital Development Fund (UNCDF) and the Better Than Cash Alliance

The following post was originally published on the Better Than Cash Alliance blog and has been re-published with permission. 

Did you ever wonder why there is not International Men’s Day? There actually is such a day, by the way—it’s on November 19th, but there aren’t too many people marking it with a night off from cooking or cleaning or childcare for the guys!

The reason we celebrate International Women’s Day on March 8th each year is that the other 364 days look quite a bit like men’s days. In fact, globally, women spend an average of 4.5 hours a day on unpaid work, while men spend less than half that much time—and the unpaid labor gap is particularly large in developing countries. We are a long way from Planet 50:50 or gender parity. Indeed, the World Economic Forum predicts that the gender gap will not be closed until 2133.

This lack of parity manifests itself in many ways, including gaps in education, employment, and wages, and in the board room and public high office. And access to finance is no different.

While globally ownership of accounts is on the rise, the gender gap persists in developing countries, with the majority of the 2 billion globally without access to finance being women. We should not simply conclude that women do not want accounts—just as we cannot suppose that they do not want more education, the opportunity for gainful employment, or equal wages for equal work. We know that women living in a cash-only economy do not have adequate control over their finances, do not have the confidentiality they need to save and borrow and can only make or receive payments at others’ convenience, not their own. Wouldn’t a more plausible conclusion regarding the gender gap in financial inclusion be that women face barriers that men do not encounter in accessing financial services? Let’s explore this idea a bit further.

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> Posted by Center Staff

Today, around the world individuals, governments, and organizations are celebrating women and calling for increased action towards gender parity, including in the financial services arena. And for good reason. Research indicates that when women control finances, they’re more likely to be spent on household necessities, like food, water, and children’s education and healthcare. In recognition of International Women’s Day, we compiled some of our favorite recent industry efforts to further financial inclusion for women. But first, here’s a quick run-down of where inclusion for women stands.

The Global Findex tells us that there is a gender gap in access to accounts at seven percentage points globally (65 percent vs. 58 percent), and across developing countries it’s nine percentage points. In some regions, this gap is significantly more severe – 18 percent in South Asia, for example. Gender gaps exist in other areas, too. GSMA estimates that in developing countries there are 200 million fewer women than men who own a mobile phone. And as one example of the gap in financial capability, in the World Bank Group’s 2014 Financial Capability Survey in Morocco women scored significantly lower than men.

Prioritizing financial inclusion for women is not only the right thing to do, it benefits everyone. In addition to benefitting women and women’s households, financial inclusion of women augments economies writ large. About half of women worldwide are missing from the workforce. In Egypt, for example, the IMF estimates that achieving equal labor participation among men and women would increase GDP by 34 percent. The IFC estimates that women-owned businesses have an unmet financing need of $320 billion worldwide.

Many organizations are working to close the gap:

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> Posted by Center Staff

Happy International Women’s Day! We hope you were able to partake in the worldwide celebration yesterday. If you missed out on the action, not to fear. Plenty of activities are still underway. And of course, acknowledging the achievements of women and advancing the movement for gender equality are practices best executed every day.

To spotlight the importance of financial inclusion for women, here’s a snapshot of recent research in this area. To follow are ways that you can join groups, including the United Nations and Grameen Foundation in getting involved.

In honor of International Women’s Day, last week Gallup shared global statistics on how women view their lives – graded on a 10-point scale from suffering to struggling to thriving. About a quarter of all women questioned view themselves as thriving, while the rest chose either struggling or suffering. The two areas cited most often as important for improving their lives were jobs and personal safety. While the latter is a shocking finding, this post starts with jobs, though ultimately we will see connections to personal safety as well. Global estimates pin men as almost twice as likely as women to be in full-time formal employment. In Mexico, for example, less than 50 percent of women are part of the labor force, compared to 85 percent of men.

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> Posted by Amanda Lotz, Financial Inclusion 2020 Consultant, CFI

Tomorrow, people around the world will celebrate International Women’s Day. In honor of the day, and the tremendous impact that financial services can have for women, we’d like to highlight some of the top resources from the past year that focus on financial inclusion of women. Though there are many great resources out there, below are a few that have caught our attention.

1. Findex Notes: Women and Financial Inclusion

Drawing from the Global Findex Database, the World Bank and the Bill and Melinda Gates Foundation created a briefing on the state of women’s access to and use of financial services globally. It’s a concise snapshot of financial inclusion data on women. It highlights gaps that persist for women, as compared to men, globally and across regions. It looks at variations in account ownership for savings and credit, as well as barriers to usage identified by women. And if you’re looking for more, I suggest exploring the Findex database or the CFI Data Explorer and conducting your own analyses!

2. Promoting Women’s Financial Inclusion: A Toolkit

DFID and GIZ on behalf of the German Federal Ministry for Economic Cooperation and Development prepared a toolkit aimed at policymakers, donors, and NGOs who want to learn how to design and implement programs to enhance the financial inclusion of women. It provides insight into factors that contribute to financial exclusion of women and offers recommendations to address access barriers. In addition, the toolkit provides methods for client segmentation as well as several illustrative case studies. Rather than suggesting focusing on women exclusively, the toolkit also recommends understanding the distinct needs of men.

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The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.