DESPITE significant strides in education and entrepreneurship, Jamaican women continue to face systemic barriers in leadership and financial equity. The persistent gender wage gap, challenges in accessing capital, and societal biases remain key hurdles preventing women from reaching top-tier positions in business and governance.

Business leaders at the recent Scotiabank Women Initiative event on Tuesday at the AC Hotel in New Kingston shed light on these disparities and the urgent need for systemic change.

“For every dollar that the average Jamaican man earns, the average Jamaican woman earns only 62 cents. That’s a huge difference,” revealed Claire Bernard, deputy director general for sustainable development and social planning at Planning Institute of Jamaica (PIOJ).

A survey conducted by the PIOJ revealed that, while women are more educated than their male counterparts, they experience lower employment levels and earn significantly less.

An analysis of Jamaica’s Human Development Index shows that, while the country performs well in areas such as average years of schooling and life expectancy, the gender disparity in earnings is glaring. On average, Jamaican men earn 54 per cent more than women in gross national income.

“Despite the country having an Employment Act that speaks to equal pay for equal work, and non-discrimination based on sex, enforcement remains weak and disparities persist,” said Audrey Tugwell-Henry, CEO and president of Scotia Group Jamaica.

She acknowledged that the societal discrimination contributes to the financial challenges women face.

According to Tugwell-Henry, the primary barriers preventing women from reaching the C-suite and boardroom levels are not related to competency or skills, but rather deep-seated societal biases and discrimination.

While women represent 70 per cent of entry-level and mid-management positions, their representation in executive leadership drops to below 20 per cent.

Another critical factor limiting women’s professional advancement is childcare responsibilities. Many women struggle to balance career growth with family obligations, which affect their ability to pursue leadership opportunities.

“I believe the State has a big role to play in providing safe, affordable, and reliable childcare — not just to help women enter the workforce but to ensure they stay and advance,” Tugwell-Henry stressed.

The COVID-19 pandemic exacerbated this issue, forcing many women out of the workforce due to increased caregiving responsibilities. However, optimism remains that women will continue to push forward despite these challenges.

Another survey conducted by the PIOJ two years ago found that 80 per cent of women entrepreneurs reported difficulty accessing credit, while 43 per cent lacked collateral to secure funding, limiting their ability to expand businesses and build long-term economic stability.

However, Tugwell-Henry emphasised that there are no banking regulations that prevent women from accessing capital, and financial institutions like Scotiabank offer targeted programmes to support female entrepreneurs.

“There are institutions like Scotiabank that have programmes geared toward your economic empowerment. You can seek out various resources today to help your business thrive,” she said, referencing initiatives such as the Scotiabank Vision Achievers Program, a 17-week business coaching programme; and the Scotiabank Women Initiative.

Other organisations, including the Inter-American Development Bank (IDB) and the Jamaica Business Development Corporation (JBDC), also provide resources to help female entrepreneurs build capacity and succeed.

Encouragingly, the financial landscape is shifting in favour of women. Ida Liu, global head of Citi Private Bank, revealed in a Bloomberg interview that women will control over 50 per cent of the global wealth market within the next five years. This marks the largest wealth transfer in history, with an estimated US$100 trillion changing hands, of which US$30 trillion will go to women.

Tugwell-Henry believes this transfer of wealth will drive economic growth and social progress. As women gain more financial influence, their investments and leadership will shape the future in ways that uplift communities, economies, and the broader global landscape.

“The data shows that women deliberately invest in impact initiatives. They have a strong focus on climate change, ESG (environmental, social, and governance), and DEI (diversity, equity, and inclusion). We expect to see the balance of power shifting in a very positive way,” she noted with optimism.