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.
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.
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