Chile's Commission for the Financial Market (CMF) has presented the 24th edition of its Gender Report in the Financial System on women's access to financial products and female participation in management positions in the financial sector. 

According to the report, although the financial industry has shown significant progress in gender equity, such as women's increasing access to products and the closing of gaps in population coverage, there are still challenges to overcome.

Gaps in Financial Management Positions 

The report reveals that Chile is below the average of developed countries in women's participation in management positions in the financial sector, with only 17%, compared to figures of 45.5% in France or 39.3% in Canada.

In the financial sector, women are mostly in positions of lesser responsibility, with little representation on boards of directors and in the senior management of microfinance and other financial institutions.

Access and Use of Financial Products

Although men and women have similar access to credit, there is a 37-point gap in the amounts granted. Women have more access to consumer loans, but less to housing and commercial loans.

A positive trend is observed in Chilean women's access to microcredits and other financial products adapted to their needs. 

Payment Behavior and Insurance Policies

Less insurance coverage: The proportion of insured women (56.3%) is slightly lower than that of men (58.8%). This gap is more pronounced in life insurance starting at age 50.

Women, in general, maintain better debt payment behavior, according to delinquency and renegotiation indicators.

Digital gap: The lack of access to technology and digital skills limits women's participation in digital financial services such as online banking and mobile payments, a crucial factor for financial inclusion today.

Female Participation in Mutual Funds

As a new feature, this edition of the Gender Report in the Financial System includes information on the population coverage of investments in Mutual Funds. As of September 2024, more than 2 million individuals were investors in these funds, of which 49.7% were women.

Report Conclusions and Future Challenges

• The study emphasizes the need to design financial products and services with a gender perspective, which consider the particularities of women entrepreneurs and micro-business owners.
• Collecting and analyzing gender-disaggregated data is essential to formulating public policies and business strategies.