Female wealth accumulation surpasses men
The average female net wealth has increased to $400,000, bringing it closer to the male average of $449,000, according to Roy Morgan, as increased female labour participation sees them accumulating greater wealth.
It classed ‘net wealth’ as a single measure of all assets including superannuation and subtracting debt.
In its latest Roy Morgan Wealth Report, which surveyed half a million people, this was 89 per cent of the male average but was an increase from only 80 per cent in 2007.
The average Australian net worth per capita grew from $285,600 in 2007 to $424,200 in 2019, an increase of 59.7 per cent.
It said women had seen a greater wealth accumulation than men over the last 12 years which was boosting the gender equality. Women had experienced a 69 per cent increase while men only increased their wealth by 52 per cent over the same period.
Michele Levine, chief executive of Roy Morgan, said this increasing wealth was the result of more women joining the workforce. Female labour participation rose from 56.4 per cent in 2007 to 61.9 per cent in 2019.
“A major contributing factor towards the closing of the wealth gap for femals appears to be their increased participation in the workforce.
“Also the value of owner-occupied home in a rapidly rising market, when jointly owned, is a contributing factor to closing the gender gap, as both sexes are gaining equally from what is generally the household’s biggest asset.”
AUTHOR
Laura Dew
Recommended for you
Vital Business Partners has thrown its support behind ASIC’s review of advice businesses’ use of offshore service providers, urging business to reassess their own set-ups.
Forbes Fava Saville has announced the appointment of a new senior financial planner, expanding its ranks to help serve clients across its Victoria offices.
Marking off its first year of operation, Perth-based advice firm Leeuwin Wealth is now looking to strengthen its position in the WA market, targeting organic growth and a strong regional presence.
Financial services software firm Iress has unveiled a new business efficiency program with the aim of permanently lifting its profit margin as the business enters a leaner, growth-focused phase.
