6 Facts You Need to Know About Women Working Around the World

Millions of women in developing countries work tirelessly every day to provide for themselves and their families. They could be found cooking for hours over a smoky fire, caring for their young children, working long hours in a factory, or harvesting vegetables in the field. Economies would collapse if these women did not contribute.

However, when it comes to working, women face significant inequalities. Some women earn less than men. Others are barred from working by law. Many people are not compensated at all for their work. According to the World Economic Forum, global gender equality will not be achieved until 2133, or approximately 115 years from now. Until then, women continue to face significant barriers to receiving appropriate and fair recognition for their efforts.

In honor of International Women's Day, here are six important facts about women working around the world.

1. Women are responsible for unpaid domestic work.

Taking care of children or the elderly at home, as well as doing housework, falls under this category. According to the World Bank, women spend 2 to 10 hours per day more than men caring for children, the elderly, or the sick.

2. In much of the developing world, women make up the majority of informal sector workers.

Domestic workers, street vendors, and seasonal laborers are examples of typical informal sector jobs, which are unprotected by the government and pay wages under the table, if at all. According to UN Women, women account for 89 percent of informal employment in Sub-Saharan Africa. Without social protections, many of these women are trapped in a cycle of poverty and may face harassment from their employers.

3. Women do not fare any better in agriculture.

According to the FAO, women make up 43 percent of the global agricultural labor force and are critical to ensuring that communities and families are fed nutritious food. Despite this, only 20% of women own the land on which they work. Women gain economic independence and contribute more income to the household when they gain equal land ownership rights.

4. In some parts of the world, women may face legal restrictions on their ability to work.

According to the World Bank, there are still laws in 100 countries that limit the type of work that women can do. In some countries, women, for example, must obtain permission from their husbands before starting a new job.

5. Women are paid less than men on a global scale.

According to the World Bank, women earn approximately 60% to 75% of what men earn. If the wage disparity between men and women were to narrow, the world's GDP could increase by $12 trillion by 2025.

6. Women make up 40% of the global workforce, but they are 20% less likely to have access to financial services such as small loans or a savings account.

Women cannot access the funds they require to start or expand their own businesses, or to save their profits safely for future expenses, unless they have access to basic financial services.

That is why, for more than 30 years, FINCA has placed a strong emphasis on making our financial products and services accessible and relevant to women. Since 1985, FINCA's financial services have helped over 4 million low-income women improve their lives. Our female clients can get small loans to help them expand their small businesses, earn more money, and save for the future. When women are given the ability to work and start their own businesses, their families' quality of life improves.

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