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Gender inequality has become an increasingly debated topic in recent years – and for good reason. While Australia has made strides towards equal wealth distribution, there is still significant work to be done, particularly given how COVID-19 has disproportionately impacted women and their finances.
Our report for International Women's Day, From pay gap to parity explores the ways in which women outperform men when it comes to money as well as the barriers they continue to face. Using data from 21,564 respondents from Finder's Consumer Sentiment Tracker, the report identifies the areas where women remain at a financial disadvantage. It explores the primary drivers for gender inequality in finances, including the pay gap, the "gender premium" on basic goods and services, the disparity in financial literacy and the lack of female investors. Finally, we seek advice from Finder's experts on how to turn things around and help women get ahead when it comes to their money.
Click here to download the full report.
To launch the report, we hosted an all-star virtual panel to discuss the findings in more detail and explore the relationship between gender and personal finances in Australia. Our very own senior home loans editor Sarah Megginson moderated the live YouTube event with Fiona Guthrie (CEO, Financial Counselling Australia), Christina Hobbs (CEO, Verve Super) and Lucy Dean (Women's Wealth Editor, Yahoo Finance).
You can watch the full hour-long discussion below:
Average man | Average woman | |
---|---|---|
Amount in savings | $36,851 | $21,398 |
Monthly savings | $873 | $600 |
Amount in super | $154,453 | $122,848 |
Retiring without super | 13% | 23% |
Number of credit cards | 1.13 | 0.86 |
Credit card debt | $8,148 | $5,416 |
Level of financial stress | 68% | 76% |
Salary | $79,976 | $56,316 |
Net wealth | $449,000 | $400,000 |
Most likely to turn to for investment advice | News/ financial websites | Family and friends |
Credit score | 778 | 796 |
Struggle to pay mortgage/rent | 25% | 28% |
The gender pay gap
Finder analysis of ABS data found a $23,660 gap in full-time earnings between men and women. Women are also more likely to work part-time or casual jobs or take on domestic and caretaking roles that are not remunerated.
The gender premium
Finder analysis of a range of basic goods and services found women spend $679 more per year on average than men, with income protection insurance and contraception topping the list.
The financial literacy gap
There is a disparity in financial literacy between men (63%) and women (48%), particularly when it comes to superannuation, income protection insurance, personal loans and gas bills.
The investing confidence gap
Women have a lower appetite for risk than men and are more fearful of investment underperformance or hidden fees, which prevents them from investing. Some women also agree the stock market is tailored to men.
COVID-19
Women are more likely to have become unemployed or underemployed as a result of the pandemic. They are more likely to have suffered financially and report higher levels of job insecurity and financial stress due to the recession.
'Better Retirement Outcomes: A snapshot of account balances in Australia', The Association of Superannuation Funds of Australia, July 2019
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