The Gender Wealth Divide

11 Mar 2011 | 3 min read
How amazing to have celebrated 100 years of women’s achievements with International Women's Day on 8 March. Amazing too that we still need this day to draw attention to the challenges that remain before gender equity is truly realised – challenges that include women’s economic security and financial independence.
 
Most people know that women lag their male counterparts financially. Yet few realise the extent of the divide.
 
In this newsletter, we share with a snapshot of this gender wealth divide, drawn from Multiforte’s research on gender equity and our work with Business & Professional Women (BPW).
 
And if this motivates you to contribute to improving opportunities for women in the Sydney community, then you may like to find out more about the Sydney Women’s Fund and the exciting and creative work they are doing.
 
Or maybe you’d like to make a difference for women in your work community. If that’s the case, you may like to learn more about our workplace programs for women.
 
Through our work as advisers and our community contribution, we want to make a difference to women’s lives – to help create that peace of mind arising from financial security and independence.
 
Live well. Sleep well.
 
Best wishes
 
Kate & Tony
 
5 key findings: the gender wealth divide 
  • The average superannuation payout in 2010-11 to a woman is approximately $150,000. That’s half of that to a man and even with a modest lifestyle would provide for less than 9 years of income. 
  • For every $1 earned by a man, a woman earns $0.82.
  • Simply being a woman accounts for 60% of the difference between men's and women's earnings (NATSEM March 2010)
  • If things don't change, the average 25 year old male will earn $2.4Million over the next forty years; for the average 25 year old female, that figure is just $1.5M
  • The typical man saves $620 per year while the average woman saves $150 (NATSEM April 2010)
  • One third of women reported that their retirement expectations had not been met – primarily due to a lack of planning
 
More details are available in Multiforte’s 2010 presentation to NEEOPA “The Gender Wealth Divide”; and the Gender Equity Index report, BPW Sydney (2010).
 
The Sydney Women’s Fund (SWF) works for a community where all women and girls achieve their potential, live safely without fear of discrimination or disadvantage, and enjoy the full benefits of life in Sydney.
 
A sub-fund of the Sydney Community Foundation, SWF aims to create and grow a wave of philanthropy to improve the lives of women and girls in our city.
 
“The Sydney Women’s Fund is determined to build a better community for all by investing in women. We are an advocate for, supporter of, and grantmaker to women’s organisations and programs that address the significant and often hidden areas of disadvantage for the most vulnerable women of Sydney.
 
For the first time the Fund is recommending a shortlist of projects, outlined in a booklet, that will make an immediate and lasting difference. Our inaugural projects were chosen by a specialist Advisory Council from a long list of potential projects identified by the Sydney Community Foundation.” 
 
In addition to the projects a major initiative of the SWF is to create the first research project to comprehensively look at the status of women and girls in Greater Sydney. There are significant gaps in understanding the needs of women and their children in Sydney, so this research study and report is designed, for the first time, to provide evidence to back future investment and action.
  • Called the Portrait Project, it will enable the SWF to:
  • Educate decision makers in public, private and nonprofit arenas on the power and potential of women and girls for our future;
  • Inform the community through the media, community groups and other means about useful strategies and begin a dialogue about meeting the needs that are here;
  • Engage and convene diverse leaders from all sectors to make concrete commitments to invest in women and girls;
  • Develop a long-term investment agenda to tap the full potential of women and girls that is informed, strategic and monitored.
 
This will be a ground-breaking study for Australia, modeled on the Washington Area Women’s Fund 2003 Portrait project. 
 
If you would a copy of SWF’s projects booklet or would like to find out more about the Fund, please email Tony who is a member of the Fund’s Advisory Council, the Secretary of BPW Sydney Board and Head of the Gender Equity Project.
The Gender Wealth Divide
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