Timeframe shortens to achieve gender equality in super

16 November 2022
| By Rhea Nath |
image
image
expand image

The Financy Women’s Index (FWX) has revealed a new time frame to achieve gender equality in superannuation, down to 33 years.

According to recent figures from the Financy Women’s Index in the 2022 September quarter, the time frame to narrow the gender gap in superannuation continued to improve.

From previous predictions of 33 years at the start of the year, the FWX now estimated a 19-year time frame to gender equality in this area.

It also recommended superannuation payments be included as part of Commonwealth Paid Parental Leave changes.

The FWX measured the economic progress of women in Australia across seven key areas: superannuation, pay, board leadership, education, unpaid work, employment, and underemployment.

However, while women’s financial progress was tracking higher in 2022, it was still lower year-on-year and the index indicated it would take 23 years to achieve gender financial equality at its current pace.

The superannuation sub-index showed improvements after the gender gap in retirement savings narrowed at the start of the pandemic, as per ABS data released in April. Still, it has the third-highest time frame to economic gender equality after education (139 years) and unpaid work (59 years).

“There is still a lot of work to be done to ensure that Australian women fully recover financially from the pandemic and aren’t economically penalised for the choices they make in areas such as education and employment,” noted Bianca Hartge-Hazelman, author of the FWX.

“While it is encouraging that the FWX is tracking stronger in 2022, up 0.2 points, it is still concerning that, in annual terms, the FWX remains 1.6 points lower than the record 75-points achieved in September 2021 and September 2020.”

The FWX area with the smallest time frame was board leadership at 6.1 years, down from 6.2 in the June quarter.

Read more about:

AUTHOR

Add new comment

The content of this field is kept private and will not be shown publicly.

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

5 months ago
Kevin Gorman

Super director remuneration ...

5 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

5 months ago

The newly created role comes amid the fund’s ambitions to be a ‘merger partner of choice’ in the superannuation industry....

12 hours ago

Iress has issued an update denying the validity of “certain statements” made today by an alleged threat actor....

3 days 11 hours ago

The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month....

4 days 11 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND