Johannesburg - South African women are finding themselves trapped in lower-earning jobs as a result of the skewed unemployment rate in the country. This is according to Jack Edwards, Marketing Manager (South Africa) of CAPEX.com. 

South Africa ranks 123 out of 146 countries in the 2022 Global Gender Gap report. “The official unemployment rate for women in Q1of 2022 was 36.4% while for men it was 33%. What we are finding is that women are holding onto jobs at lower wages, rather than finding themselves unemployed. They’re simply too afraid to lose their jobs, and so they are less likely to ask for a raise. This adds to the gender pay gap which is already significant,” says Edwards.

“South African women are trapped. Not only are they earning less than their male counterparts, but they’re also more likely to be unemployed. The snowball effect is that women are prepared to stay in these low paying jobs rather than face the prospect of unemployment.”

Research conducted by the United Association of South Africa shows that women earn between 23% and 35% less than men despite existing legislation to stop workplace discrimination based on gender. More startling is that the rate at which the rate is closing will mean that pay-equality will only be reached in 135 years.

The pay discrepancy came into sharp focus in July when it was revealed that the female National Soccer Team, Banyana Banyana, earn significantly less than their male counterparts, despite performing far better as a team than Bafana Bafana. Banyana Banyana won the recent 2022 Women’s African Cup of Nations. 

After their victory, the South African Football Association announced each female player would earn R400 000 for the win. To put this in perspective, the male players in the Bafana Bafana squad were each given R520 000 for reaching the AFCON quarter-finals, with a further incentive of another R920
000 should they win the tournament.

This rankled the feathers of many Banyana Banyana supporters who felt the women deserve equal, if not higher incentives since they’re winning tournaments. While the government has said they will take a serious look at the pay discrepancy, there remains the big question of how the private sector will address the issue.

“We have almost this misunderstanding around how much (women) can ask for... around what it means to be paid well, but also there is this disparity in our workplaces in the first place,” says Zanele Njapha, Unlearning Expert & Innovation Facilitator from TomorrowToday.

“Still today, the conversation around money and earning is almost a taboo subject in most places … It is exacerbated in the local context by the fact that more than 40% of South African mothers are single parents,” she adds.

“Women need to take a more active role in wage negotiations,” says Edwards. “Companies are not going to address the gender pay gap unless they’re confronted by it.”

Until government and the private sector meaningfully engage, women will remain trapped in lower-earning jobs for fear of asking for the raise and then losing their jobs completely. More women are turning towards secondary incomes and side hustles. A report released by leaprate.com shows that more women are turning to online trading with the hope that it will become a secondary income and as a tool to bridge the gender-based equality gap. The
Women in Finance study showed that only 10% of traders interviewed were female, but that they outperform men by 1.8%.

Mark Carney, former Governor of the Bank of England, says, “Finance offers so much, but it still doesn’t offer enough for women. This is especially striking as more women than men start out in financial services, only for their representation to diminish steadily through the ranks. This is an enormous missed opportunity.” The study also showed that women are more cautious investors and their investment behaviour can reduce crash events.
The study concludes, “In general, women have less of an ego than men which makes them better at dealing with losses. Where men would meet losses defensively, women traders are more likely to look at them with an investigative eye and learn how to avoid them.”

While Forex, Day, and CFD trading is nothing new in South Africa, it is still dominated by men. This isn’t to say that there aren’t women who trade. 3 out of the top 10 traders in South Africa are female, with Paballo Nkwe and Danielle Lester well-known as the “Power Team”. “Trading offers women an opportunity to enter the financial markets,” says Edwards. “This is one of the big reasons why we’ve made our Trading Academy free for all new investors. No one should feel excluded from the markets.” Edwards encourages women to check out investments via their online brokerage portal at
www.capex.com.

While women fight for equality in the workplace, there’s no doubt that in the investment world, your gender doesn’t determine your success, only your skill and determination to succeed.

About CAPEX.COM
CAPEX.com is a leading global trading platform providing its users with expert insights, tools, and resources to make markets accessible to a worldwide audience and offering a tailor-made trading experience. Its professional trading platforms, robust technological infrastructure, and transparent trading conditions have propelled it as one of the most respectable brokers on the international stage.

Anchored by a global presence and regional expertise, CAPEX.com holds operating licenses from Cyprus Securities and Exchange Commission, Abu Dhabi Global Market Financial Services Regulatory Authority, the Financial Services Authority (FSA) in Seychelles, and the Financial Sector Conduct Authority in South Africa. Visit their website for more details.

HIGH RISK INVESTMENT WARNING: Trading CFDs is highly speculative, involves a significant risk of loss and is not suitable for all investors. Before trading, you are strongly advised to familiarise yourself with the applicable risks. These can be found on the capex.com website.

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This Article is distributed by JamJar Media.

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