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This issue has been picked up by many campaigners who are pushing to eradicate the financial barriers between girls and menstruation. So, let’s talk about exactly why young girls need to be growing up in a world free of period poverty.

What Exactly is Period Poverty?

Tampon tax refers to the profits from the VAT charge of 5% applied to sanitary products and while this might be significantly less than the standard 20% VAT which applies to a whole host of other products, there is still dispute over whether we should be paying tax duties on these products at all.

A couple of retailers have swallowed the tax and a Tampon Tax Fund has been set up to support certain women's charities, but that hasn’t changed the fact that many girls are growing up in a climate where they can’t afford these essential items.

This ties in with period poverty and the inability to afford sanitary products such as tampons, but it can also relate to a lack of understanding of menstruation. Governments have come under fire for matters such as the tampon tax, which is thought to contribute to period poverty.

What Effect Does Period Poverty Have on Young Women?

On average, girls get the signs of their first period at around twelve years old, but periods can start for girls as young as eight. Not all young girls are fortunate enough to be able to add sanitary products onto their parents’ weekly shop and this has left many without access to sanitary items. Experiencing symptoms and having no access to period products means that many girls could be going through period poverty during the peak years of their education and development.

The average schoolgirl is found to take three days off each term due to period related issues and 1,000 girls said that period poverty affected their academic performance. There needs to be a solution to remedy this, allowing girls to focus on their education.

How Are Authorities Addressing Period Poverty?

In April 2019, the UK Government’s Department for Education announced its commitment to providing free sanitary products across England’s primary schools by early 2020. The Children and Families Minister Zadhim Zahawi covered some of the key concerns for period poverty campaigners, outlining the move as a step towards enabling girls to meet their full potential, while also leading happy, healthy lives. The classroom is one of the key places to tackle period poverty and in February the UK government announced that it intends to implement classes on menstrual health by 2020, which is certainly a step in the right direction when it comes to educating young girls about their periods.

Period Poverty in the Classroom

There’s often a lot of pressure placed on parents to teach their daughters about periods but if they don’t know, they can’t share so we should be more proactive in talking about menstruation in the classroom. As we’ve already mentioned, the government is taking the right steps towards bringing periods into the classroom and by educating girls at a young age, the school system can help to tackle period poverty at its very origin. There’s certainly a stigma around menstruation and by leveling the playing field early on, we can inform young girls about what to expect and that it is totally natural. Plan International UK found that some of the most reoccurring reasons cited by girls missing school lessons, due to period related issues, were embarrassment and anxiety about the situation. This demonstrates the need for period education and schools should be striving to tackle this and make classrooms a safe space for all youngsters.

As women, we have a duty to share and support each other through an experience that we all have in common, so let’s tackle period poverty and raise a generation of girls who have ready access to essential sanitary products and are empowered by their bodies, not held back by them.

Thanks to various widespread social media movements, there is already a growing understanding of period poverty amongst teenagers and young girls. PHS Group carried out a survey in which a third of participants said that either they or someone they knew had been affected by period poverty. Teen activist Amika George began the #FreePeriods movement, and the nineteen-year-old is amplifying the message that no young girl should have to miss out on learning because they can’t afford sanitary products. She has joined forces with various other campaigns such as the Pink Protest and the Red Box Project to reiterate the importance of achieving period equality for all girls.

Sources:

https://www.globalcitizen.org/en/content/period-poverty-everything-you-need-to-know/

https://www.nhs.uk/conditions/periods/starting-periods/                      

https://schoolsweek.co.uk/dont-hide-periods-in-schools-urges-charity-at-head-of-government-taskforce/

https://www.globalcitizen.org/en/content/amika-george-period-poverty-uk/

https://www.theguardian.com/commentisfree/2019/jan/08/girls-school-period-poverty-scotland-free-menstrual-products-england-campaign

https://www.independent.co.uk/news/uk/home-news/period-poverty-girls-school-absent-phs-group-menstrual-a8922246.html

https://plan-uk.org/media-centre/plan-international-uks-research-on-period-poverty-and-stigma

https://www.gov.uk/government/news/free-sanitary-products-in-all-primary-schools

http://redboxproject.org/

https://www.bbc.co.uk/news/newsbeat-47350835

Approximately 82% of Americans supported paid maternity leave for mothers after a birth or adoption, according to a recent Pew research. Yet only 17% of working Americans are able to access paid parental leave today. While there has been some progress in promoting a balance between work and family life for female employees, there remains a lot to be done to support mothers to be in the workplace, particularly women in finance.

Your Earning Potential is Lower Both During Pregnancy and After Returning

Women in the American workforce are more educated than ever but continue to be underrepresented in the finance industry. Although the percentage of women in the financial industries is around 54.5%, there remains a significant gender gap which plays a large part in the decision of women working in finance on whether to take maternity leave. In fact, the motherhood penalty costs women around $16,000 in lost wages annually and 25% of women have to go back to work two weeks after giving birth to keep afloat financially.

Aside from taking maternity leave to prepare for the new arrival, some women leave earlier due to medical complications such as gestational diabetes and find themselves further financially vulnerable. The impact is felt not only medically but also financially due to time off being unpaid or paid at a significantly reduced rate. Considering almost 10% of pregnancies are diagnosed with gestational diabetes annually, the chances of women in finance having to deal with this are quite possible. Therefore, not only do women earn less while taking maternity leave but they are almost guaranteed to earn less than before pregnancy, and their male counterparts, meaning their family’s financial stability can be threatened.

Your Career Progression Trajectory Changes or Slows 

For women looking to progress in finance, the 70-hour work weeks and full diaries can act as a deterrent against being selected for an executive-level job. In fact, the ‘Gender Diversity in the Financial Services Industry’ report by Mercer showed a significant decline in female representation as career levels rises in finance. Only 15% of women were represented at the executive level in finance, while only 26% of senior managers were female.

Thanks to factors such as the finance industry’s slow response to flexible working, women’s chances to achieve a better work-life balance are reduced and they tend to face an increased likelihood to be passed over for job promotions. Women with children also take longer to climb the ladder in the finance workplace as they juggle childcare hours and a demanding industry which means their earning brackets can remain unmoved for a longer time. Early starts and late nights required of many full-time jobs on Wall Street often means women in finance either have to rely on round the clock childcare or make the choice to go part-time.

Increased Pressure and Diminished Chances for Management Opportunities

Although 84% of employed Americans believe that having working mothers in leadership roles will boost the success rate of businesses, only a small% of women who have taken maternity leave will get the chance. Because of the negative association between women taking maternity leave and their commitment to the job, employers are more inclined to place these women in management positions within their company.

Published experiences by women working on Wall Street have shown that women tend to face increased pressure in trying to conceal their pregnancies for as long as possible, along with the constant pressure of when they plan to return (or whether they do plan to at all). For many firms on Wall Street, women are often offered six weeks of disability leave and end up losing not just pay equity but ground on progressing into the management realm.

Despite the well-publicized benefits of maternity leave including lower infant mortality rates and lower postnatal depression rates, support for women taking maternity leave in the finance industry continues to be woefully lacking. The choice to take time off to raise one’s child is repeatedly shown to have a higher cost for women, starting from the initial leave allowance rates and possibly defining the future of their careers. However, it is also important to recognize the progress made by financial firms like Deloitte, KPMG, and Bank of America. The support shown by these companies for mothers in finance can be a great starting point for the revolutionary change needed in the finance industry.

The analysis also found that, out of the 10 most common names on the executive boards, the first female name, Sarah, only comes in 10th and none of the boards have more women than men.

An online employee referral recruitment platform has analysed data from the top 25 accountancy firms in the UK and discovered that women make up just a quarter of the executive boards, however statistics show that women made up 44% of full-time accountants in the UK in 2014.

The research was conducted by Real Links, a platform that allows UK business owners and HR teams to access a potential talent pool of hundreds of thousands of employee referral candidates and creates anonymised profiles, ensuring there’s no unconscious bias when choosing candidates.

Real Links also discovered that only two of the top 25 firms boards are nearly equal in the gender split and a further six boards were only one third women. Four executive boards had no women on them at all.

When studying the data further, Real Links found that, out of the 10 most common names on the executive boards, Mark, David and Andrew are the three most common and the first female name, Sarah, only comes in at the 10th spot. Furthermore, out of the top 20 most common names, only two female names appeared.

Sam Davies, CEO and Co-Founder of Real Links, said: “While statistics show that the accounting industry has a relatively even split between men and women, it seems women are still struggling to climb to the top of their firms.

“The statistics we discovered were shocking and show that inequality is still prevalent in the industry. Despite targets and policies designed to encourage more women into senior roles, progress has been slow. The recent gender gap reporting has shown that parity is still a long way off, so at Real Links, we think that employers need to consider anonymising recruitment to ensure candidates are chosen on experience rather than being subject to any unconscious bias.

“The top 25 accountancy firms need to ensure they’re leading by example to try and close the gender split at the most senior levels in their industry.”

(Source: Real Links)

A lack of access to finance is one of the major barriers facing women entrepreneurs in low-income communities. 80% of women owned businesses with credit needs are either unserved or underserved – a $1.7 trillion financing gap. By working with women on how to collectively save money, develop their business skills and facilitating access to affordable loans, CARE has seen an astounding uplift in success rates.

In Ethiopia, CARE has recently supported 5,000 women entrepreneurs in this way, resulting in an increase in their income of 500%. The programme supported women entrepreneurs from the slums of Addis Ababa to set up or expand their own businesses.  Approximately 70% did not have any savings in the beginning of the project - this number was reduced to 3.6% when the project concluded three years later.

All data points in the same direction: investing in women’s economic empowerment is critical to unlock their economic and social potential.  Women are shown to be stronger savers, more prudent borrowers and calculated risk-takers. Giving women better access to financial products and services could unlock $330 billion in annual global revenue.

CARE is therefore calling on the global financial sector to improve products and services for women.  This will not only have a positive impact on individual women, but also their communities and, ultimately, national economies.

Through CARE’s ‘Access Approved’ campaign, women from Sri Lanka, Ivory Coast, Jordan and Peru share their stories on film for the first time, telling the banks what they think is needed to open up access to finance for women.  These new films aim to bring the real issues to the fore, providing clear and personal recommendations to the financial sector including:

  1. Develop products and services that are specific to women’s needs (Martha from Peru)
  2. Offer alternative solutions to collateral requirements, such as loans based on savings group activities, and introduce loans with more flexible repayment terms (Jeanne from Ivory Coast)
  3. Train and employ more women within the financial industry  (Sarojini from Sri Lanka and Bara’a from Jordan)

Women face all kinds of hidden barriers to accessing finance - just because they are women. Take Yeo Nakoni, a female vegetable farmer from the Ivory Coast: “I’ve worked this land now for 35 years, but the land doesn’t belong to me. In our community women don’t own land, it belongs to men.” This systemic inequality is then compounded when women try to access finances to grow their businesses: “When we go to the bank to ask for a loan, we’re denied because we have no collateral.

Yeo is part of CARE’s Women in Enterprise Programme, supported by H&M Foundation, which has reached 133,000 women entrepreneurs globally since 2014. Yeo is a member of a savings group, based on CARE’s flagship Village Savings and Loans Association model. In her words: “This approach allowed us to strengthen our group spirit, savings and especially the repayment of loans taken out from the group. Every Sunday we each put in 500 francs (0.86 USD) and from that we are able to give each other loans. We repay our loans with interest, so our fund can grow. Within the group we can help each other. What we can do as a group, you can’t do by yourself.” 

However, sometimes group members require larger loans and other financial products to meet their business needs. This is why CARE also supports savings groups to link safely to formal financial service providers. Thanks to CARE’s partnership with a local microfinance provider, Yeo was able to take out a low-interest loan of around 2,500 USD to expand her enterprise. She is now confidently repaying her loan and she is extremely proud of what she has achieved.

Laurie Lee, Chief Executive, CARE International UK comments: “Investing in women entrepreneurs is not just the right thing to do. It’s the smart thing to do. Women represent an enormous untapped market for financial institutions and we want to work with them to open up new opportunities.  This makes business sense for both financial institutions and the women we support.” 

She's only the second African-American female broker in the Exchange's 226-year history. According to a 2017 study by Stanford University, men comprise 75% of the wealth management field and fill more than 80% of leadership roles.

Iwoca has found that female applicants are 18% more likely to repay small business loans on time than their male counterparts. Women-led small businesses make up an estimated 20% of iwoca’s customers and it has supported an estimated 2,400 women business owners in the UK with almost £50 million in lending since its launch in 2012.

iwoca uncovered the data in response to a study by the Federation of Small Businesses (FSB), which found that a quarter of female small business owners cite the ability to access traditional funding channels as a key challenge, with many relying on alternative sources, such as crowdfunding, personal cash and credit, for growth.

While this technology-driven risk platform draws on thousands of data points to make credit decisions, gender is not included. iwoca’s data scientists were able to calculate gender-based statistics on loan repayment rates by checking customer application forms for self-identified female titles and then comparing the approximate default rates for both cohorts.

Christoph Rieche, Co-founder and CEO of iwoca, said: “More can be done to narrow the entrepreneurial gender gap in the UK. Making it easier for women to access business funding would go a long way to achieving that. Sadly, the reality is that banks are withdrawing critical finance from across the entire small business sector and unless the Government takes action to encourage greater competition that will allow alternative providers to fill the hole, women will continue to be at a greater disadvantage from an unfair system, regardless of their higher propensity to repay on time.”

(Source: iwoca)

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