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
The Financy Women’s Index (FWX) provides a broad picture of gender equality and women’s financial progress across the Australian economy each quarter.
The Index aggregates the latest available data from seven key areas to deliver an independent score and measurement of the progress being made to reduce the barriers to achieving gender equality.
The seven areas examined include unpaid work, fields of education and earnings outcomes, employment, underemployment, the gender pay gap, ASX 200 board diversity and the superannuation gender gap.
The Index is supported by Deloitte Access Economics, which provided the economic modelling approach and analysis to assist with the creation of the Index.
Data contained in the Report is reviewed by the Women’s Index Advisory Board; Dr Shane Oliver, Simone Cheung, Roger Wilkins, Joanne Masters, Nicki Hutley and Bruce Hockman.
The Index is made possible with the support of progressive organisations including Wisr, InvestSMART, Deloitte Australia, the Ecstra Foundation and Tech For Good Group.
Are things getting financially better for women?
Progress to gender financial equality reversed in the March quarter despite a significant win in superannuation savings for women which saw the gender gap narrowing by the most in over a decade, according to the latest Financy Women’s Index (FWX).
The FWX headline result fell 1.6% to 72.2 points during the quarter, from 73.3 points in the December quarter. The result was weighed down by a deterioration in the FWX Underemployment sub-index, which measures the gender gap in the underemployment rate. It declined to 63 points from 71 points, as progress in the male underemployment rate improved faster than that of female. Overall, the time to full gender equality Is 59 years, which is the same as the previous quarter.
Year on year, the FWX is down 0.9%, taking some of the shine off a more progressive 2021 and recent jobs recovery.
The biggest improvement in the FWX occurred in the Superannuation sub-index, which gained as the underlying gender gap in median lifetime balances narrowed to 25%, from 31%, based on the latest figures from the Australian Bureau of Statistics (ABS).
- The Financy Women’s Index (FWX) fell 1.6% to 72.2 in the March quarter, marking the worst start to a calendar year in a decade for gender equality progress.
- A key driver of the result was a widening of the gender gap in underemployment as male employment outcomes improved 5 times faster than female.
- On a more positive note, the superannuation gender gap in median lifetime balances improved to 25%, from 31% in December.
- Years to equality in superannuation is now 19 years and the total timeframe to gender equality remains at 59 years, based on the worst performing area – unpaid work.
Financy Women’s Index by Quarter
Financy Women’s Index by Year
Years to Economic Gender Equality
The timeframe to achieving total gender equality in Australia remains at 59 years based on the worst-performing sub-index, unpaid work.
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FWX ADVISORY COMMITTEE
Meet the FWX
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.