The Index is a scorecard on the financial progress of Australian women.
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 eight 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 Committee members; Dr Shane Oliver, Nicki Hutley, Roger Wilkins, Joanne Masters, Heidi Sundin 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 OneVue holdings, AMP Services and the Association of Financial Advisors.
Creative works are produced by We Are Why Pty Ltd.
The Report is written by Bianca Hartge-Hazelman and includes analysis of publicly available statistics across the following areas: unpaid work, tertiary education, employment, workplace participation, wages, superannuation and gender diversity on the boards of Australia’s largest companies.
Ultimately, the purpose of the Index is to help inspire women to live more courageously and confidently – to be Fearless.
The Financy Women’s Index rose by 0.4 percentage points in the last quarter to a revised 71.3 points.
The quarterly pace of progress is the weakest since September 2018 and the slowest start to a calendar year since 2015.
Year-on-year the Index is up 1.9% in March 2020 versus 3% growth in the year to March 2019.
A slowdown in full-time employment growth among women and rising female unemployment relative to male weighed on the Index result and likely reflects the early impact of COVID-19 shutdowns and containment measures.
Women’s financial progress is at risk of slowing further in 2020 on expectations of further weakness in female employment relative to male, rising unpaid work, a widening of the gender pay gap and weakness in the pace of improved gender diversity on ASX 200 boards.
The Index also shows that women are 32 years from achieving economic equality with men but this timeframe is likely to change depending on the long-term impact of COVID-19.