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Fawcett Society : Report March 2005

Money, money, money – is it still a rich man's world?

New Labour's policies have been a sticking plaster - not a cure - for the financial gap between women and men, according to a new report.

The Fawcett Society's new research shows that while some women's immediate financial position has improved under New Labour, the Government has not addressed the root causes of the problems which mean that men's income is almost twice that of women's.

Money, money, money – is it still a rich man's world? is published as all the political parties are trying to attract women voters in the run-up to the general election and just prior to the interim report from the Government's Women and Work Commission.

The UK's campaign is calling for all political parties to make gender equality an explicit target.

New Labour's policies are moving in the right direction – but they have not been bold enough. For instance, rises in the minimum wage have helped many women – but do not address the reasons why women are consistently paid less than men.

What the political parties must do

• Make gender equality an explicit target
• Set targets and dates for the reduction of the pay gap
• Introduce compulsory pay audits for all organisations to reveal where and why women are being paid less than men
• Ensure the pensions system is fair to women and carers
• Introduce policies which involve men in sharing caring responsibilities with women
• Improve the quality and not just the quantity of women's employment
• Provide for women and men whose ability to work is limited by responsibilities for caring for family

Women's financial position

• Compared to men working full-time, women working full time earn nearly 20 per cent less per hour and women working part-time earn nearly 40 per cent less
• Women's employment is concentrated in the four Cs – caring, cleaning, catering and cash registers. These are low-paid and undervalued because they have traditionally been done on an unpaid basis and the skills are seen as natural rather than acquired.
• Women still carry out most of the unpaid work in the home – true even when both partners work full-time. This limits women's ability to compete with men in the job market.
• Just 13 per cent of today's women pensioners are entitled to the full basic state pension, compared to 92 per cent of men.

Director of the Fawcett Society Dr Katherine Rake said:

“We recognise that the current Government has done much to improve the financial position of many women. But women's income is still just over half that of men.

“In the run-up to this election, in which women's votes are going to be so important, we want all parties to take bold action and adopt gender equality as an explicit target.”

To obtain a copy of the report go to: http://www.fawcettsociety.org.uk/Pub_Books.htm

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