Results from the latest Financy Women’s Index showed that financial equality progress has slowed over the past financial year, despite a record narrowing of the superannuation gap.
Based on current trends, the report found that it will take 45 years for economic equality to be achieved.
This is calculated as a yearly pace of progress figure, which is compounded and compared with targets, the index said.
The Women’s Index rose 0.5 point to 123.9 points in the June quarter, far from the end goal of 172 points.
A target of 172 points means there is no gaps in wages and superannuation as well as gender equality on ASX 200 boards, in unpaid work relative to paid work, increased female workforce participation and full-time employment, lower underemployment and continued growth in tertiary education.
For Financy Women’s Index founder Bianca Hartge-Hazelman, “it’s disappointing to see that despite greater awareness around gender equality, progress slowed over the past financial year, reflecting the weakest start to a calendar year since 2017, when the index was first launched”.
Unlike previous quarters, the biggest factors that held back women’s economic progress in the June period included a moderation in female full-time employment growth and a lack of action by corporate Australia to improve the representation of women on the boards of the top 200 listed companies, it was highlighted.
Deloitte partner Nicki Hutley has also commented on the most recent equality findings and said it was disheartening to think that genuine economic equality is well over a generation away.
“It is pleasing to see progress being made on the Financy Women’s Index in the June quarter, albeit slowly.”
“I would like to see further efforts on the part of policymakers and organisations to see greater strides made more rapidly,” she continued.
Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets.
Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.