Despite pervasive harmful gender norms, the motherhood penalty, the cost of childcare and inadequate parental leave policies, female participation in the workforce – including the number of women entrepreneurs and those in leadership roles – is surging across the country. This report reveals why that is and, crucially, the opportunities this presents for tomorrow.
Even with the gender pension gap and the fact that Irish women’s pensions are worth 35% less than men’s at retirement, according to the Economic & Social Research Institute. McKinsey & Co forecasts that women will hold 45% of assets under management by 2030 in line with forecasts for Western Europe. This is a result of reaping the dividends of better qualifications, more equal pay, higher levels of home ownership and longer life expectancy, where Irish women live to 84 years and Irish men reach 81 years of age, according to the Irish Department of Health.
The Future Laboratory collaborated with AIB to investigate how Irish women are pioneering a system change in work cultures and business practices across the nation, and why banks and financial service providers are taking note. While the gender pension gap may be challenging to reverse in the short term, AIB is recognising the importance of female investors and supporting a female-powered business future.
‘The future really is female – especially when it comes to economic influence,’ says The Future Laboratory co-founder Martin Raymond. Indeed, data suggests that women tend to be more effective leaders, create more jobs, have a larger appetite for growth and significantly improve start-up company performance.
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