The Financy Women’s Index powered by Data Digger is a quarterly publication which was launched on International Women’s Day 2017.
It is the first and only Australian economic index that acts as a progress benchmark for working women.
The Index aggregates five years of data analysis from six key indicators; tertiary education outcomes, workforce participation, wage disparity, superannuation progress and company board representation.
The analysis is a deep dive into available statistical data with the aim of giving journalists, businesses, consumers and policy makers a quarterly report card on the progress of Australian women.
In the 12 months to December 2016, the Financy Women’s Index improved 4.1 points to 106.2 points, as the number of women occupying corporate board positions rose and the disparity between average earnings fell to its lowest level in five years.
This helped to offset relatively flat growth in the number of women working full-time, as well as a moderation in the female participation rate, and a subsequent widening of the superannuation gap.
The average superannuation balance of women, as measured across all life stages, represents 70% of the average male balance.
In other words the average woman has 30% less superannuation savings in retirement than men.
The gender pay gap based on average weekly ordinary full-time earnings fell to 16% in 2016, which is the lowest it’s been in the past five years.
The number of women undertaking tertiary education remains elevated and is outpacing men.
Data shows that female enrolments in traditionally male dominated courses such as information technology have grown at an average annual pace of 11.7% over the past five years.