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.
Women are making financial progress despite the early setback in female job cuts relative to male in the June quarter.
The Financy Women’s Index rose by 2.2% to 74.1 points from a revised 73.3 points in June, which is about half the pace of progress recorded in the June quarter.
Improved female jobs growth, which was hardest hit compared to male by the onset of the pandemic and government shutdowns in March of this year, coupled with a fresh high in female ASX 200 board appointments helped to push women’s progress higher in the September quarter. A further narrowing of the gender gap in the underemployment rate also helped boost progress.
Whilst this result gives us more reason to feel optimistic as we approach the end of 2020, the situation remains highly volatile and time will tell as to whether COVID-19 has short or long-term impacts on women’s progress and economic equality.
Despite the progress in the September quarter, the timeframe to Australia achieving economic equality is unchanged at a revised 32 years because of the gender gap in unpaid work.
The timeframe to economic equality is based on the worst performing gender indicator of the Women’s Index.
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