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Retirement

It will take 257 years for gender equality, research finds

  • December 19 2019
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Retirement

It will take 257 years for gender equality, research finds

By Cameron Micallef
December 19 2019

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.

Gender equality

It will take 257 years for gender equality, research finds

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  • December 19 2019
  • Share

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.

Gender equality

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. 

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“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.

It will take 257 years for gender equality, research finds
Gender equality
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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