Gender equality: how far have we come

01 Mar 2023 3 min read

As an Industry Superfund with a majority female membership, NGS Super is committed to equality. Improving financial outcomes for women has positive effects not only for individual women and their families but also the broader community and business.

This International Women’s Day NGS Super has partnered with the Financy Women’s Index and the Squiz on a podcast series “Look How Far We’ve Come” which both look at gender equality, the progress we’ve made and where to next, in addressing barriers to gender equality.

Let's look at some key stats about women wages and super savings.

The gap in pay and super

Latest data from the Workplace Gender Equality Agency (WGEA) shows that the gender pay gap in Australia is 13.3%1. This down from the previous high of 14.1% which is positive — but it is a still a sizable gap.

On average Australian women earn 87c for every $1 earned by men. That adds up to $253.50 a week and $13,182 over a year. A big difference right!

Lower earnings are one of the reasons that women also have lower super balances than men. According to ASFA2 on average Australian women’s super balances are 24% less than their male counterparts.

Less super means that women retire with less savings than men, placing them at a financial disadvantage. Census data shows women over 55 are the fastest growing group of people experiencing homelessness.3

The latest report from the Financy Women’s Index shows that women have 19 years to reach equality when it comes to super and 25 years when it comes to closing the gender pay gap. So there is definitely still some way to go!

Good news... there is some

A new podcast series “Look How Far We’ve Come” which NGS developed in partnership The Squiz looks at important dates and laws passed in Australia over the past 100 years that have helped women become more financially independent. From laws giving women access to home ownership and credit, to lifting restrictions on employment, setting minimum wages, paid parental leave and no fault divorce the series looks at some of the big moments that have had a big impact for us all.

You can find the series on your favourite podcast platform. We hope you enjoy it.

Find out more about your finances.

To be financially independent it’s important to learn your finances. It may sound like a cliché, but small changes can deliver real benefits tomorrow. Don’t be afraid to ask questions and learn more. No question is a bad one and the answer may help you save for your future. NGS has a range of tools to get you started including our easy super quiz, super savings calculator or you can book a call with one of our Super Specialists. It’s free and they can help you with any questions about superannuation, investments or insurance.

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