Pandemic pushes economic equality four years back
There has been an increase in the number of women on ASX 200 boards but the unemployment caused by the pandemic has caused the timeline to gender economic equality to rise from 32 years to 36.
According to the quarterly Financy Women’s Index, which compared factors such as education, employment, wages and superannuation, it found the gap between the number of women and men in full-time employment had widened during the pandemic.
It was now likely to take 36 years for women to achieve economic equality with men.
Women were more affected in the June quarter as many of the sectors they dominated had been most-affected by the pandemic including retail, accommodation and hospitality.
“The volume of cuts to full-time female job in 2020 has reversed two years of female employment growth and has derailed a multi-decade trend which saw female workforce participation steadily expand,” said Bianca Hartge-Hazelman, founder of the index.
However, there was a boost when it came to ASX 200 boards which increased from 30.7% in the March quarter to 31.3%.
The overall index figure improved 3.3% during the June quarter but this was largely the result of male employment conditions worsening at a faster rate than female.
“Unfortunately, the June quarter’s Financy Women’s Index isn’t one to celebrate because, while there was some good news in terms of the number of women on ASX 200 boards, overall we have seen female progress get dragged down in paid work,” added Hartge-Hazelman.
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
