Progress slows on achieving financial equality

Progress on achieving women’s financial equality has stalled in the past year thanks to a moderation in female full-time employment and little improvement in female board appointments.

According to the Financy Women’s Index, it rose five points over the 2018/19 financial year but this was a smaller rise than the 7.5 points during 2017/18.

This means women are 45 years away from achieving economic equality with men.

The number of women employed full-time was steady at 3.27 million and the number of women on ASX 200 boards was also flat at 29.7 per cent, the same as in December 2018.

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However, there were ‘record improvements’ in the narrowing of the superannuation gender gap with data from the Australian Bureau of Statistics showing it had fallen from 34 per cent in 2015/16 to 28 per cent this year.

Although, the report noted, this was mainly due to increased female participation in the workforce and it widened after age 45 when women returned to work after career breaks.

Deloitte partner, Nicki Hutley, said: “It is pleasing to see progress being made on the Financy Women’s Index in the June quarter, albeit slowly.

“However, as the mother of three girls, the thought that genuine economic equality is well over a generation away is disheartening. I would like to see further efforts on the part of policy makers and organisations to see greater strides made more rapidly.”