The gender pay gap, i.e. the unequal pay of women and men, fell by 2 per cent in 2024. That is the good news. The less good news is that it is still alarmingly high at 16 per cent. And even if you factor out special factors such as qualifications, occupation, employment history, etc., women still earn 6 per cent less – just because they are women! The consequences of this wage gap are lower wealth accumulation over the course of one’s life, the so-called wealth gap, and the so-called gender investment gap: according to a study by the University of Mannheim, half as many women have invested their money in the stock market as men. Women therefore invest less in their financial provision. Women are therefore more at risk of poverty in old age.
Many women’s careers are characterised by frequent interruptions, for example due to child-raising periods and domestic care work. A lack of self-confidence in financial matters also often plays a role. Only one in four women rate their financial knowledge as good or very good. By contrast, 43 per cent of men say the same. This makes it all the more important to offer counselling and support services that address the financial challenges women face, teach them skills and motivate them to deal with their own finances. The Savings Banks Finance Group contributes to this with a wide range of financial education programmes. The “Geld und Haushalt” (Money and Budget) advice service, which was launched back in 1958, provides a solid foundation and offers information, free lectures and materials on various financial topics, from everyday money management to planned wealth accumulation. Over 1 million people use the services every year, which are tailored to different target groups such as young people, families and senior citizens.