Financy Women’s Index

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

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

To help tackle this, 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, Nicki Hutley, Roger Wilkins, Joanne Masters and Bruce Hockman. The Index is also reviewed by the Australian Bureau of Statistics.

The Index is very much made possible with the sponsorship support of Deloitte, OneVue and AMP.

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.

Are things getting financially better for women?

The December quarter of 2020 has been the worst performing quarter in seven years for women’s financial progress towards equality in Australia with the Coronavirus causing a setback in employment.

The timeframe to gender financial equality increased to a revised 101 years, due to a widening in the gender gap in unpaid work, the Financy Women’s Index shows.

While year-on-year the Index shows women did make financial progress in 2020, momentum collapsed in the December quarter (-3%) due to a combined widening of the gender gaps in the underemployment rate, employment, unpaid work and education.

Educational choice for women is more likely to be linked to lower paid careers, than it is for men.

In better news, the pace of improvement in ASX 200 female board appointments doubled in 2020, from a year earlier.

The gender pay gap improved to its lowest point in over a decade in November, although is at risk of reversing due to temporary government stimulus (Job keeper) impacting earnings.

The gender gap in average superannuation savings stands at 29.1% with men holding higher average balances. Updated data is not yet released.

Key Results

  • The Financy Women’s Index has fallen 3% to 74 points in the December quarter as women’s financial progress collapsed on male employment recovery.
  • The timeframe to financial gender equality rose to a revised 101 years, due to a widening of unpaid work gender gap and methodology update.
  • Setbacks were seen in education, underemployment, employment and unpaid work as gender gaps widened in the December quarter.
  • Improvements were seen in ASX 200 gender diversity on boards and narrowing of gender pay gap as men’s average wages declined.
  • In annual terms, the Index is still headed in the right direction, up 2.3 points, but COVID-19 impacts and longstanding behaviors are making equality more difficult to achieve.

Financy Women’s Index by Quarter

Financy Woman’s Index by Year

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Years to Economic gender equality