Women-Politics-Media 2022

The study shows that the current crises, in particular the war in Europe and the wave of inflation, are crowding out women’s policy-related content from the media space to an increasing extent. Only a few topics remain in the public eye in the media: violence against women, online hate, and the polarising debate about abortion. A sharp decline or disappearance from public discussion was identified in relation to many other issues that are relevant to women. In particular, the topics that have clearly lost out are ones related to the financial security and more equal financial treatment of women, for instance wage equality, the balance between family and career, the distribution of unpaid caregiving work, or combatting old-age poverty.

“As long as women do not have the same amount of money, do not have an even approximately equal share of wealth, and their work is not remunerated equally, realising gender equality will remain a utopian idea,” said Maria Pernegger, study author and managing director of MediaAffairs. The study shows that the topic of financial security traditionally receives very little attention in the political and media discussion, even though the actual situation is quite clear-cut. In this respect, the media play an important role in raising awareness and providing information.

The Chamber of Labour has been a partner in the study ‘Women-Politics-Media’ for many years. It takes a critical view of this development. According to Ines Stilling, Head of the Department for Social Matters at the Vienna Chamber of Labour, “Women’s issues must become a focus again. It is just not enough to point out once a year, on Equal Pay Day, how high the difference in income still is between women and men.” She identifies women’s inadequate financial remuneration and dependence as the source of many problems, in particular violence against women. “We need a real gender equality policy, we need equal opportunities on the labour market, complete transparency in wages, an expansion of childcare, and an equal distribution of labour, both in terms of unpaid work and decision-making positions. And we need the media to report on all these challenges and make them visible in the public eye.”

On the one hand, there are structural conditions in place which create a gap in income and financial security. On the other hand, at the individual level, there is still a great deal of ignorance and prejudice about women, which ultimately lead to disadvantages in savings, investment, and wealth accumulation.

Women also select less risky asset types and avoid the risks associated with higher return opportunities on the capital markets, according to the financial expert Macha. “Men, on the other hand, who can handle losses better because they have more financial leeway, generally accept these risks and thus often earn higher returns. As a result, the asset gap between women and men is constantly widening rather than narrowing.” She called on women “to be more brave when investing and take advantage of opportunities for higher returns. We want to consciously support women in actively building up their wealth and to ‘get up to speed’ financially, rather than waiting for ‘better times’. While it is true that investments on the capital market involve certain risks, investors who can stay in an investment longer can earn better returns on the capital market, compared to what is possible with traditional forms of savings.”

The study also shows that the media paints a very traditional picture when it comes to financial and investment topics, as more than 80% of these are communicated by men. Female financial experts are rarely seen, and when it does happen it is usually only around Equal Pay Day when women are explicitly asked about this subject and there is a higher level of awareness about the issue of the income and investment gap.

Financial inequality is something that women live with their whole lives: from the ‘pocket money gap’ to the ‘retirement gap’. Gudrun Meierschitz, Board Member at Austria’s largest credit insurance company ACREDIA, also sees an ‘investment gap’, noting that, “Female-owned startups receive significantly less investment than male teams. For example, in 2022, nine out of ten euros in the venture capital industry* went to purely male founding teams. This means the economy is missing out on huge potentials.” As studies have shown, startups headed by women generate a higher return on investment.** “Women find themselves in one gap or another their whole lives. Maybe we should consider whether the lack of wage equality, the lack of investment for female company founders, and the lack of awareness about women and poverty is not just another form of violence against women,” asked Meierschitz, who called on Austria’s journalists and media representatives to “put the spotlight on women as entrepreneurs, company founders, and business executives.”

*EY, Female Funding Startup Index (2022)
https://www.ey.com/de_at/news/2023/03/female-start-up-funding-index-2022

**Boston Consulting Group (2018)
https://www.bcg.com/publications/2018/why-women-owned-startups-are-better-bet