Reflections on International Womens’ Day and place-based inequalities

Our Investment Director Susan Campbell shares with her reflections on the theme of ‘Inspire Inclusion’ on International Women’s Day (IWD).

As part of IWD 2024 I was invited to take part in a panel session hosted by Brodies. I was asked to reflect on why reducing place-based inequalities is important to consider as part of IWD discussions.

?One of the Bank’s three missions is around place – with a core aim to transform communities, making them places where everyone thrives.

This could be through investment in the physical regeneration of land and buildings, delivering new homes, increasing connectivity or investing in third sector organisations that deliver services to communities.

?But why is our Place Mission relevant for IWD?

?The theme for this year’s IWD, ‘Inspire Inclusion’, recognises the crucial role of inclusion in achieving gender equality and the unique contributions of women from all communities.

?There is significant inequality between the different places people live in Scotland, with around 1 in 5 people living in relative poverty. Research over decades has shown that where you live, and where you grow up, has a huge impact on your life outcomes. The quality of your home, your neighbourhood, access to local services and green space can greatly affect your experience in education, health and employability. National Records of Scotland data shows that people living in the most deprived areas spend more than a third of their lives in poor health compared to around 15% in the least deprived areas.

Socio-economic disadvantage is a significant barrier to inclusion and to people achieving their potential.

?Given that it’s IWD, it’s also important to recognise the intersectionality of socio-economic disadvantage and other protected characteristics, including gender. Some research indicates that women are more likely to be poor than men, primarily due to unpaid caring responsibilities and the impact of this on hours worked, earnings and pensions. Socio-economic disadvantage can also disproportionately affect certain groups, including women, highlighting the need for services to be designed by those with lived experience to ensure that they meet people’s needs and are truly inclusive. ?

?Nurturing meaningful connections

Outside my work at the Bank, I’ve recently volunteered with Simon Community Scotland, an organisation which is putting inclusion at the heart of its approach to developing a new service for women experiencing, or at risk of, homelessness. Its new ‘Connect Hub’ in Glasgow will create a safe space where women can come together to nurture meaningful connections with each other, with their community and with the essential services and support they require- all designed by and for women.?

Today’s ‘Inspire Inclusion’ theme isn’t just about how we can inspire each other by talking and sharing ideas, but how we can inspire by taking real action to remove barriers to inclusion.

?In my role at the Bank, I’m passionate about how we can help to address inequality in Scotland through the deployment of our capital and by crowding in additional investment from others. As an impact investor, we consider equality, diversity and inclusion throughout our diligence processes and the investment lifecycle. This informs our decisions about which businesses and projects to invest in, and how we work with investees to create wider, positive ripple effects through their business practices, for example by requiring adherence to Fair Work principles.

Real tangible actions

We also recognise that as part of the investment ecosystem, we must play our part in removing barriers in access to finance for women and other under-represented groups. The Bank is one of the first members of the Pathways Pledge, a key pillar of the Pathways Forward initiative led by Ana Stewart, which commits each organisation to take action. I’ve been really inspired by Pathways’ focus on real, tangible actions, with organisations working together to build momentum and drive change. Quoting Ana, this is about how we can

“Achieve a greater collective impact, so that we get to a place where the sum is genuinely greater than the parts”.

Colloboration is key

The Bank is uniquely placed to work with others across the public, private and third sectors to help advance equality, diversity and inclusion through our investment and insights, and by using our convening power and our voice. ?I’m inspired by our potential to drive impact and change and look forward to exploring opportunities for collaboration over the coming year. If anyone would like to discuss this work further, please get in touch.

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