Gender pay gap
How part-time work affects women’s financial success
Gender is a theme that is entwined with the economy so deeply even without us realising it. Scientists and economists have spent many a day putting together multidisciplinary research projects on different aspects of gender and work, finance and growth. One such important aspect, especially relevant to our times, is that of part-time work and its effects on women’s financial success, and it inclines more towards the sunny side.
The flexibility of work-life and its relevance for women
In an age where women are living up to the words – Women can do anything they want – the flexibility of work-life is a welcome opportunity. This aspect holds for both genders, according to reports on how a majority of millennial would prefer working from home or have flexitime.
When it comes to women, however, this flexibility in the form of part-time work has the potential of being used as a positive capability. After all, it spans much more than the ability to adjust to family demands, which are real issues women handle on a day-to-day basis across patriarchal societies. The flexibility also encompasses a women’s ability to earn as per her will and time, empowering women towards financial independence and success.
This mode, therefore, seems highly relevant for women who juggle constantly with multiple roles. It not only enables women to focus on balancing work and family life but also reduces negativity, conflict and stress involved in longer full-time office hours. Depending on the woman’s choice, part-time work could either be at home or a physical workplace, both lending the opportunity of pocketing a side income, often playing a substantial role in a woman’s life. They could spend this money on their hobbies, fund their/their family’s education, invest in a useful domain or share it for/with their family to augment joint resources.
Not just for the family – shunning traditional concepts
Leaving aside the many traditional notions of how a woman is supposed to manage their home on priority, the modern-age girl is also learning to focus on herself. Besides, the direct relation between self-love and financial success is a no-brainer, isn't it? Let us look at this perspective in detail.
The number one reason for a woman’s financial success is knowing that she is in control of her finances, isn't it? The sense of independence that comes with working, keeping track of finances and managing budgets lends the all-important liberty to women who have traditionally been seen as dependents. That being said, financial success for most women also involves being able to focus on health and wellness, according to a PIMCO survey.
Women place a lot more focus on living and improving their life alongside work, according to surveys. Their investment decisions, portfolio risk tolerance and financial discipline are also markedly different from their male counterparts. Their approach tends to be more calculated and fact-based, making them less opportunistic. This also means that women are inclined towards a positive balance of work and personal life, something which a part-time work routine allows them seamlessly.
Criticism of part-time work culture
Despite the many benefits that part-time work-life brings to women, there are some obvious drawbacks. Firstly, in many societies, part-time work culture has the potential of concretising perceived gender roles. Women can be expected to devote greater time at home both because “they have to do so” and because they are working only part-time. Men might participate less and less in domestic roles, which makes no sense in this modern age when men are not entitled breadwinners anymore.
At the same time, part-time work culture offers less growth and benefits to employees than a full-time role. Promotions do not come quick and neither do incentives. Besides, there is rampant exploitation in terms of work volume to pay ratio because part-time work does not have as many well-laid-out regulations as full-time work. There are also downsides to part-time work life when it comes to job opportunities, alternatives and organisational career growth.
One of the biggest challenges, however, that part-time work entails, is being able to maintain a financial budget. This holds especially for women making huge life transitions – motherhood, marriage, divorce and so on. Also, it is difficult to get assistance from a knowledgeable and consistent source when you are working only part-time and not earning much by conventional forms, because financial advisors might charge hefty fees.
Fea Money – Moving Forward
Our female-focused banking app is here to solve these pertinent issues for women who wish to take control of their finances and success. The ambit is large – we cater to anyone who identifies themselves as a woman in a way that is significant to them – trans women, non-binary, gender nonconforming and many others.
What we help you take care of includes every aspect of your financial health – bill payments, foreign exchange transfers, budgets, decision-making and tailored investment products. Our regularly updated interactive analytics help you make smart moves and automatic savings. Besides, our large accessible community can help you with female money matters through anonymous chats, relevant content and more.
The silver lining
One cannot deny that part-time work culture lends tremendous control in terms of adhering to work hours and/or the number of hours one wishes to work each day. Part-time work is highly appropriate for women who cannot join full-time work, say, immediately after childbirth, attending a sick family member or other pressing situations.
The other merit of part-time work for women is that a driven individual can pursue, apart from their full-time job, a role of choice for some time in the day. It not only provides them with added financial incentives but may also lend them greater personal satisfaction and happiness, especially if it is driven by hobbies, skills and interests. No wonder, financial empowerment and success play an all-round role in women's development, both personally and societally.