Financy Women's Index

The Women’s Index measures the financial progress of Australian women and economic equality

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Financial inequality is a major obstacle to the progress of women, families and future generations

About Financy Women's Index

How we’re tackling Financial Inequality

Each quarter the Financy Women’s Index (FWX) measures and tracks financial progress and economic equality across seven areas that are important to the advancement of Australian women.

The data and the commentary contained in each quarterly report is designed to give individuals, media, business leaders and government timely insights into the challenges and opportunities that relate to women’s financial wellbeing in Australia.

The Index is supported by Deloitte Access Economics, which provides economic modelling and analysis to assist with the development of the Index and Reports.

Data contained in the Report is reviewed by the Women’s Index Advisory Board; Dr Shane Oliver, Danielle Wood, Simone Cheung, Roger Wilkins, Joanne Masters and Bruce Hockman.

The Index is made possible with the support of Deloitte Australia and the Ecstra Foundation.

Creative works are produced by We Are Why Pty Ltd.

Ultimately, the purpose of the Index is to help inspire women to live more courageously and confidently – to be Fearless.

Lastest Results

Are things getting
financially better for women?

The long-term trend for women’s economic progress is one of improvement, but the quarterly shocks related to the pandemic, appear to be getting harder for many women to stomach.

What the June quarter of 2021 confirmed was that each time a COVID flare-up occurs, it exacerbates existing financial inequalities between men and women.

The concern is that the longer the pandemic continues and disrupts labour market participation and earnings, the more volatile the journey for women’s financial progress towards equality.

The latest Financy Women’s Index (FWX) rose by 0.9% to 72.2 points in the June quarter from 71.6 points in March 2021, driven by a worsening in the underemployment rate of men relative to women, and another record high for women occupying ASX 200 board positions.

If we take a long-term view of the Index, the score is up 4% between December 2019 to the June quarter. Despite this the short-term picture of women’s financial wellbeing and opportunity is both volatile and insecure, particularly for those who are most vulnerable to economic shocks such as women, young people and those in insecure employment like part-time or casual work.

The pace of process in the June quarter was slower than the 1.06% achieved in March 2021, when we observed that a female- led recovery was underway.

At that time, the industries which had been hardest hit by lockdowns such as female-dominated Retail Trade and Food and Accommodation Services were bouncing back and were benefiting from increased household spending.

However, things started to come off the boil in June as cases of the Delta virus strain continued to emerge forcing industries that depend on people-traffic to once again close as lockdowns and various state border shutdowns were back in vogue.

Key Results

  • The Financy Women’s Index rose 0.9% in the June quarter to 72.2 points from 71.6 points in March helped by improved corporate board diversity and underemployment rate closing.
  • Whilst the Index is down by 1% for the year to date from 72.8 points in June 2020, it is 4% above its December 2019 score.
  • COVID shocks were evident by weakness in both the gender pay gap and hours worked by women relative to men.
  • The total timeframe to achieving gender financial equality remains 101 years based on the worst performing FWX sub-index; unpaid work.

Financy Women’s Index by Quarter

Financy Woman’s Index by Year

Years to Economic gender equality

The timeframe to achieving total gender equality in Australia remains at 101 years based on the worst-performing sub-index, unpaid work.

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FWX ADVISORY COMMITTEE

Meet the FWX
Advisory Committee

The Financy Women’s Index is supported by an Advisory Committee, who believe in the importance of measuring women’s progress to financial equality. The Committee meets regularly to discuss the data findings and the best way forward for the Index to ensure it is as reliable and informative as possible.

Simone Cheung

Partner in Deloitte Access Economics and leads the Health Economics and Social Policy team in NSW
She has over ten years of experience working in the intersection of government, private and the not-for-profit sector in improving health and social issues in Australia.

Bruce Hockman

former Chief Economist of the Statistical Services Group at the Australian Bureau of Statistics
Bruce has an economics degree from Adelaide University and he also did post-graduate studies at Macquarie University.

Danielle Wood

CEO of the Grattan Institute
Danielle has published extensively on economic reform priorities, budget policy, tax reform, generational inequality and reforming political institutions.

Prof Roger Wilkins

Deputy Director of the Melbourne Institute of Applied Economic & Social Research at the University of Melbourne
Professor Wilkins is also the Deputy Director (Research) of the HILDA Survey and produces the annual HILDA Survey Statistical Report.

Joanne Masters

Chief economist for EY Oceania region
Joanne has been an active part of the economic debate in Australia for the last 15 years. Passionate about driving discussions around forces that shape the economy.

Dr Shane Oliver

Chief Economist and Head of Investment Strategy at AMP Capital
Shane has extensive experience analysing economic and investment cycles and what current positioning means for the return potential for different asset classes.
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