The results of the latest Financy Women’s Index (FWX) reinforce that gender based economic inequality continues to impact women across all life stages.
Addressing systemic issues and improving women’s economic security and wellbeing not only provides women with real opportunities and choice in their own lives but is also key to better economic growth.
Access to secure, paid employment is a key driver of financial security and wellbeing.
However, as data and research consistently show, women face a multitude of structural and societal barriers to participating in the labour market.
This includes higher levels of paid and unpaid caring responsibilities, gendered norms around home, work and study and women are more likely to work in sectors impacted by economic downturns such as hospitality and retail.
Women also experience family violence at far higher rates than men and are overrepresented in lower paid/undervalued industries.
While the latest FWX indicates positive gains in some areas of gender equality in Australia, falls in the Employment and Underemployment sub index reinforce the ongoing challenges women face in many job sectors, particularly in low paying industries.
This will only be exacerbated by continuing inflationary pressures and economic uncertainty.
Partnering to create employment opportunities
Ecstra Foundation is working to help build financial wellbeing in Australia, within a fair financial system.
A key pillar of our work focuses on the challenges women face at different life stages. We developed and launched the Women’s Economic Security Project funding a range of initiatives that help to ensure more women are in control of their financial lives, now and into the future.
We partner with organisations tackling the challenge of increasing workforce participation for women locked out of mainstream employment, with a strong focus on creating employment opportunities and providing financial capability support.
These include micro enterprises, charities and social enterprises working with victim survivors of family and domestic violence, young women in regional areas, First Nations women and migrant communities.
We support Code Like a Girl who are training the next generation of female coders.
Another partner is Two Good Co who create employment opportunities for women impacted by family and domestic violence.
Global Sisters is helping female micro enterprises achieve long term success and establishing financial products suitable for micro businesses and Women’s Health In the North is providing financial capability support to migrant women through tailored, bilingual peer education model.
These initiatives, and many others, are delivering tangible outcomes for women and providing the supports needed to enable access to employment and income earning opportunities. Community and social enterprises are often running innovative programs however there are still many structural barriers and entrenched gender norms to address, which is why the work of FWX continues to be so important.
Financy is a fearless believer in equality and using data insights to accelerate organisational progress in diversity, equity & inclusion.
