Retirement
It will take 257 years for gender equality, research finds
Women around the world will fight for equality rights they will never get themselves as the current trajectory for closing the gender gap across politics, economics, health and education continues to increase, according to a recent study.
It will take 257 years for gender equality, research finds
Women around the world will fight for equality rights they will never get themselves as the current trajectory for closing the gender gap across politics, economics, health and education continues to increase, according to a recent study.
Research released by the World Economic Forum showed that the economic gap is widening, due to low levels of women in managerial and leadership positions, wage stagnation, labour force participation and income.
Combined, the World Economic Forum predicts it will take 257 years for women and men to be on equal footing economically. This is an increase from an estimated 202 years in 2018.
“Women have been hit by a triple whammy: first, they are more highly represented in many of the roles that have been hit hardest by automation, for example, retail and white-collar clerical roles,” the report noted.
According to the World Economic Forum, Australia ranks 44th on the global gender gap index 2020 rankings, with a 0.731 rating, or 73.1 per cent of the way to parity.
“No country to date has yet achieved full gender parity. All the top five countries have closed at least 80 per cent of their gaps, and the best performer (Iceland) has closed 82 per cent of its gap so far,” the World Economic Forum stated.
A separate study from the Victoria government showed the current impact the gender gap is having on Victorian women.
Victorian women are retiring with an average superannuation balance 42 per cent lower than men ($157,049 for women, compared with $270,710 for men).
This is leading to women being almost twice as likely to experience homelessness. Some 74,839 women accessed Victoria’s Specialist Homelessness Service in 2017-18, compared with 42,033 men.
Minister for Women Gabrielle Williams believes a clear picture about Victorian women has been painted.
“This report clearly tells us we’ve got a significant way to go when it comes to achieving gender equality – and that’s why what we’re doing is so important.”
“We’re not going to be deterred from our efforts to make Victoria a fair and equal place for women and girls, because it’s 2019 and we deserve every opportunity to succeed,” Ms Williams concluded.
RELATED ARTICLES
About the author
About the author
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
