New data highlights persistent economic gender disparity

0
  • The full-time gender pay gap is 14.1%, an increase of 0.3% over the past six months
  • 88% of parental leave taken by primary caregiver in the non-public sector is taken by women
  • 34.2% of women have a bachelor’s degree or higher compared to 28.3% of men

A relatively new set of data sheds light on the persistent economic disparity between women and men in Australia.

The Australian Bureau of Statistics (ABS) Gender Indicators was created to highlight key economic and social indicators measuring equality between men and women, including the gender pay gap and life expectancy. of life.

One of my passions in life is helping women become more financially literate and also helping them chart their own financial path.

That’s one of the reasons I co-wrote The female investor – Creation, wealth and securitywhich became a best-seller in the property and real estate category shortly after its release.

The popularity of The female investor shows how much women are interested in financial success and independence during their working lives.

The persistence of economic gender disparities

The recently published gender indicators prove that there is still a long way to go to remedy the economic imbalance between women and men in our country.

According to the ABS, the full-time gender pay gap is 14.1%, an increase of 0.3% over the past six months.

As you can see from the chart below, the gender pay gap has barely changed in recent years – and even widened due to the pandemic.

It is also important to understand that economic gender disparity or the gender pay gap does not mean that men are paid more than women for the same work – because it is illegal – but rather the result because women generally have more time out of the labor market.

The data also showed the disparity in parental leave taken by the primary carer in the non-public sector, with 88% of such leave taken by women and only 12% by men. This is despite the fact that 34.2% of women hold a bachelor’s degree or higher, compared to 28.3% of men.

Of course, women have every right to choose to temporarily leave the workforce to raise their children, but the reality is that their financial situation will always pay the price.

In fact, new research from the Workplace Gender Equality Agency (WEGA) has shown that Monday August 29 marks the extra 60 days after the end of the financial year that Australian women must work, on average, to earn the same annual salary than men.

New data for each state and territory has also been released, revealing the date of Equal Pay Day and which performers best and worst, with Western Australia recording the highest gender pay gap and South Australia the lowest.

The WGEA also calculated the gender pay gap by sector. The results reveal that every industry still has a significant gender pay gap, with the highest being professional, scientific and technical services at 25.3%.

Real estate assets

I continually blog about the economic gender disparity because it doesn’t seem to be changing much at all. While there is certainly more education on the gender pay gap, more policies need to be developed that recognize the financial price women pay when they choose to be mothers.

However, women are increasingly considering their financial future earlier in life and educating themselves about ways to protect themselves, including through strategic real estate investments.

With market conditions softening across the country and fewer active buyers and more listings available, now is a great time for women to buy their first home or investment property, which will be an asset that can make a big difference in their lifetime wealth building efforts. lives as well as in retirement.

Share.

Comments are closed.