Money matters and women

In 2020 International Women’s Day is so much more than a single day. The celebrations started in the weeks leading up to, and now following, the official date of 8 March. IWD acknowledges the many social, economic, cultural and political achievements of women.

It has been fantastic to see the growth in community, corporate and public events (including the #T20WorldCup Final!) celebrating IWD. Diverse events offer the opportunity for women to share their stories, their challenges, their triumphs and to acknowledge the ongoing support of women and men through those stories.

This year’s theme is also a call to action - #EachforEqual. The theme resonates widely due to the simplicity of its message – that our individual actions, conversations and behaviours can collectively make change happen.

Each for equal and the financial future for women

#EachforEqual is an opportunity to look at what financial equality and security means for women, to acknowledge the barriers to economic equality, and also to share the positive impact that community led solutions can make for women and their financial wellbeing.

The Workplace Gender Equality Agency (WGEA) provides important data, reports and advocacy on Australian workplace gender equality. Through WGEA, we see economic gender indicators showing more women are in the paid work force, the gender pay gap has slowly reduced to 13.9%, and ASX 200 female board representation has increased to 30.7%. However WGEA notes that structural barriers including access to equal pay and full and equal participation by women in the workforce persist.

Structural inequality also persists for women within the superannuation system. Ahead of IWD, Women in Super highlighted these Key Facts About Women and Super illustrating these disparities:

Women make up 46.9% of the workforce, and currently retire with 47% less superannuation than men
40% of older single retired women live in poverty and experience economic insecurity in retirement
44% of women rely on their partners income as the main source of funds for retirement
8.5% of women between 65 and 74 still have a mortgage
Women spend on average five hours more per day caring for children than men

Supporting women who are empowering women

Ecstra Foundation exists to strengthen the financial capability and wellbeing of all Australians.

We acknowledge the many structural barriers identified by WGEA and Women in Super require ongoing long term macro reform and continued cross sector collaboration. This includes accessing equal pay, providing full and equal participation for women in the workforce, valuing family and caring responsibilities and unpaid work, and potential superannuation support levers, particularly for older women reaching retirement age. Ecstra will provide opportunities to support organisations contributing to this work through our Womens Opportunities Fund, to be launched in April.

Ecstra also actively supports and champions community led financial education and capability responses to address economic inequality. Our grassroots grants help build a data base to share “What Works” at a local level to complement, not replace, the need for macro reform.

We recognise that the complexity of women's lives means that “one size fits all” financial literacy programmes do not work. We back organisations focused on helping women at the times they need it, in the settings, in the language and on the terms that work for them.

Investing in women means an investment in a better future for individuals, their families and the support structures of their communities.

Two organisations we are proud to partner with are Global Sisters, empowering women through the opportunity to start and grow a sustainable business, and Women’s Health in the North who are leaders in building female financial independence and decision-making.

The ASIC team at Financial Capability have written up wonderful profiles of Global Sisters and Women’s Health in the North. You can read these profiles, and more at Financial Capability.