Women set to move US$ 300.6 Billion; half of $601.3 Billion in Global Remittances in 2016
The company also saluted developed and emerging economies for paving the way for these women to cross borders and called for greater recognition and integration as women emerge as powerful drivers of economies.
Of the 247 million migrants around the world, women account for nearly 50 percent and are set to move half of the estimated US $601 billion that will cross borders in 2016.1 More than 75 percent of these remittances flow into developing countries, underpinning a powerful economic dialogue between families from one side of the globe to the other.
These women move money as much as men but at a greater percentage of their income. They are better educated, with three in 10 having attained a university education, compared to about two in 10 of their male counterparts. These women have attained higher education and have lower overall employment rates than men, a pattern observed globally as well as across developed nations.
“International Women’s Day is an opportunity to shine a light on the accomplishments of women, especially the hundreds of millions that cross borders and are economic change agents for their families, their home countries, and their host nations across the globe,” said Hikmet Ersek, President and CEO, Western Union.
“This day is also about acknowledging the nations that enable these women to succeed and pave the way for immeasurable possibilities. We call upon the world community to further recognize the skills of these women, drive greater integration and magnify their opportunity so they are prepared for 21st century careers,” said Ersek.
Mr. Ersek joins a host of global leaders in recognizing the contributions of women around the world on this International Women’s Day.
“At Western Union, we are driving our company to greater success with women representing more than half of our 10,000 employees. They are helping to ensure we meet global consumers’ cross-border money transfer needs and collaboratively achieve our fintech vision,” said Ersek.
The company recently appointed two women to senior positions, Elizabeth G. Chambers as Chief Strategy and Product Officer and Jacqueline Molnar, Chief Compliance Officer. Both appointments will play a significant role to advance Western Union’s strategic fintech vision and omni-channel approach in moving money across currencies and borders for a broad base of individual consumers, small businesses, large corporations, universities and NGOs.
In addition, Western Union and the Western Union Foundation are launching the second phase of Education for Better. This phase will continue throughout the next five years, with a goal to help 50,000 women and youth build job skills that prepare them for 21st century careers.
The Western Union® Chain of Betters Competition is highlighting gender parity throughout the month of March. Five special additional awards have been made available for people submitting ideas for “betters” that benefit education or social improvement for women or girls anywhere in the world. This initiative is being publicized with a film about a young South African woman, Siba Gqirana, who is training to become a pilot thanks to the company’s overarching Chain of Betters program. Even in 2016 only 5% of pilots around the world are women.
The Western Union® Chain of Betters Competition, designed to kick start a chain of selfless good deeds around the world, awards US$1,000 (or local currency equivalent) to projects that make lasting positive change for individuals and communities around the world, with nominations accepted from 128 countries and territories worldwide. No purchase necessary. Void where prohibited. Open to legal residents over 18 years of age in eligible countries. Subject to terms and conditions at chainofbetters.com.
Each year International Women's Day (IWD) is celebrated on March 8. The first International Women's Day was held in 1911. Thousands of events occur to mark the social, economic, political and cultural achievements of women. Organizations, governments, charities, educational institutions, women's groups, corporations and the media around the world celebrate the achievements of women while calling for greater equality. #PledgeForParity is the 2016 theme for the internationalwomensday.com global hub, encouraging effective action for advancing and recognizing women.