Financy Women's Index
The Women’s Index measures the financial progress of Australian women and economic equality
Proudly Sponsored by
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
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, Danielle Wood, Simone Cheung, Roger Wilkins, Joanne Masters and Bruce Hockman.
The Index is made possible with the support of Deloitte Australia and the Ecstra Foundation.
Are things getting
financially better for women?
The long-term trend for women’s economic progress is one of improvement, but the quarterly shocks related to the pandemic, appear to be getting harder for many women to stomach.
What the June quarter of 2021 confirmed was that each time a COVID flare-up occurs, it exacerbates existing financial inequalities between men and women.
The concern is that the longer the pandemic continues and disrupts labour market participation and earnings, the more volatile the journey for women’s financial progress towards equality.
The latest Financy Women’s Index (FWX) rose by 0.9% to 72.2 points in the June quarter from 71.6 points in March 2021, driven by a worsening in the underemployment rate of men relative to women, and another record high for women occupying ASX 200 board positions.
If we take a long-term view of the Index, the score is up 4% between December 2019 to the June quarter. Despite this the short-term picture of women’s financial wellbeing and opportunity is both volatile and insecure, particularly for those who are most vulnerable to economic shocks such as women, young people and those in insecure employment like part-time or casual work.
The pace of process in the June quarter was slower than the 1.06% achieved in March 2021, when we observed that a female- led recovery was underway.
At that time, the industries which had been hardest hit by lockdowns such as female-dominated Retail Trade and Food and Accommodation Services were bouncing back and were benefiting from increased household spending.
However, things started to come off the boil in June as cases of the Delta virus strain continued to emerge forcing industries that depend on people-traffic to once again close as lockdowns and various state border shutdowns were back in vogue.
- The Financy Women’s Index rose 0.9% in the June quarter to 72.2 points from 71.6 points in March helped by improved corporate board diversity and underemployment rate closing.
- Whilst the Index is down by 1% for the year to date from 72.8 points in June 2020, it is 4% above its December 2019 score.
- COVID shocks were evident by weakness in both the gender pay gap and hours worked by women relative to men.
- The total timeframe to achieving gender financial equality remains 101 years based on the worst performing FWX sub-index; unpaid work.
Financy Women’s Index by Quarter
Financy Woman’s Index by Year
Years to Economic gender equality
The timeframe to achieving total gender equality in Australia remains at 101 years based on the worst-performing sub-index, unpaid work.
Join to get Full Insights
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.