Women generally earn lesser than men - RinggitPlus

KUALA LUMPUR — RinggitPlus survey reveals that women generally earn less than men, participate to a lesser extent in the workforce, and often exit the workforce earlier than men.

Its chief executive officer Yuen Tuck Siew said according to the RinggitPlus Financial Literacy Survey 2023, said it was disheartening, yet unsurprising, that women tend to be less prepared for financial shocks than their male counterparts.

“Notably, 75 per cent of women save less than RM 500 ringgit per month, compared to 66 per cent of men.

“Furthermore, 69 per cent of women could sustain themselves for three months or less with their current savings, while the same figure stands at 64 per cent for men.

“In terms of financial planning for retirement, only 51 per cent of women have begun this process compared to 61 per cent of men,” Yuen said at the Malaysian Financial Literacy Survey 2023 press conference at the Etiqa Tower in Bangsar, here, today.

Additionally, he added that just 44 per cent of women had initiated investments, in contrast to 56 per cent of men.

While these findings underline gender-based inequalities in financial preparedness, he also expressed his gratitude to the government to actively addressing the financial challenges faced by women in Malaysia.

Initiatives such as the Madani Economic Framework and the recent budget clearly aim to tackle this issue.

“Special funding is set aside to support female entrepreneurs, and tax breaks are planned to facilitate women re-entering the workforce.

“It's a sign of recognition that further action is necessary to ensure financial equity between genders,” Yuen said.