4 things to learn about women in Singapore this International Women’s Day

Many would say our society has progressed a long way in terms of achieving equality among women. In Singapore, one might even say there’s gender equality.

However, according to the World Economic Global Gender Gap Report 2020, Singapore is ranked 54th out of 153 countries. The country scored 0.724, with 0 indicating total inequality while 1 indicating equality.

While this is a great indication, more could still be done to achieve greater equality for women. This is why a campaign like International Women’s Day (IWD) exists. The event is celebrated worldwide annually on 8 March, to emphasise the importance of a gender equal world, a world free of bias, stereotypes and discrimination. With different themes each year, 2022’s is #BreakTheBias.

There are 7 different missions under the campaign, with the aim of striving for equality in different aspects. This IWD, we talk about 3 missions in relation to the women in Singapore. Read on to find out more about the accomplishments of the women in our society, struggles they face and what is being done for progression.

Women at work

This mission aims to forge inclusive work cultures where women’s careers thrive, and their achievements are celebrated.

1. In Singapore, women make up only 26.3% of all business owners 

According to a 2019 report by Mastercard, this places Singapore 24th out of 58 countries.

Beyond the category of business owners, in companies, women make up 33% of senior management teams. This figure is actually the highest it has ever been, and it beats the averages in ASEAN (28%) and around the world (29%). This positive sign of an increase of female leadership shows progression but at the top of the ranks, only 9% of businesses in Singapore have a female CEO, significantly lower than ASEAN’s average of 21%.

Not only does this affect women, businesses and the country lose out on greater economic productivity. Solving gender inequality and increasing the proportion of women in business is said to be able to contribute a noteworthy S$26 billion to Singapore’s Gross Domestic Product (GDP) by 2025.

2. Self-perception is one factor that hinders female entrepreneurial activity

There are various factors hindering greater female entrepreneurial activity and unfortunately, self-perception holds a spot in the top few reasons. Only 21% of women in Singapore see themselves as having the required skills and knowledge to be entrepreneurs, a number much lower than the regional and global average. This can be partially attributed to the lack of awareness and education surrounding opportunities and financial resources in starting a business.

Additionally, research by HSBC showed that 41% of female Singaporean entrepreneurs experienced gender bias as they tried to raise capital for their business, especially when questioned on their credibility.

With greater support for women’s career goals in the work climate, it helps equip them with essential skills and reassure them that they don’t lack the capability and business acumen.

Women and sport

This mission aims to celebrate women athletes and applaud when equality is achieved in pay, sponsorship and visibility.

3. More females than males represented Singapore in the 2020 Olympics

Did you know? In 2021, the number of women athletes that represented Singapore was more than male athletes, with a ratio of 17 to 6. This case isn’t a first for Singapore but the Tokyo Olympics had a record breaking 49% of female athletes.

To further support women and girls in sports and exercise in the country, the Women in Sport Committee (WSC) was also formed by the National Olympic Council in 2019 to create more opportunities.

Women and technology

This mission aims to celebrate digital advancement and champion the women forging innovation through technology.

4. Gender bias in healthcare is making way for FemTech in Singapore

Experts say that healthcare for women is a potential market that has been underserved, especially in Asia. Many women lack knowledge about their health and even in general health treatments, there’s a bias by how things have been. For example, a healthcare industry analyst says that even when getting a hip replacement, a female gets male prosthetic implants designed by a male for a male. Unfortunately, women’s health is also often misunderstood as just reproductive health.

FemTech is a term that refers to products that use technology to focus on and improve women’s health. According to Channel News Asia, FemTech is a booming market, and start-ups in the sector have had global funding crossing a record US$1 billion in 2021.

This year, to commemorate IWD and the accomplishments of women, we are offering a special discount of up to 35% off on selected FWD protection plans from 8 to 10 March 2022. Get yourself or the women in your life financially protected to focus on what matters most in life. For more information, visit the FWD website.