Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  | 

ANZ Reveals Barriers to Achieving Gender Equity


29 July 2015 at 11:22 am
Lina Caneva
Banking giant ANZ says it will introduce measures to redress gender inequality after new research shows that women earn $700,000 less than men over a working career due to ‘structural bias’.

Lina Caneva | 29 July 2015 at 11:22 am


0 Comments


 Print
ANZ Reveals Barriers to Achieving Gender Equity
29 July 2015 at 11:22 am

Banking giant ANZ says it will introduce measures to redress gender inequality after new research shows that women earn $700,000 less than men over a working career due to ‘structural bias’.

ANZ said it will introduce new measures to help women better engage with their financial futures and address the structural bias and subsequent financial disadvantage they face in the workplace and retirement.

The announcement follows ANZ’s release of new research into gender inequality in Australia, which found that that full-time female workers are paid on average $295 per week less than men or $15,000 dollars a year which,  over their lifetime, equates to an average of $700,000 less than men.

The report also revealed that women on average earn 18.8 per cent less than men, around 90 per cent retire with inadequate savings to fund a comfortable lifestyle in retirement and almost 15 per cent of women are likely to experience poverty in retirement.

ANZ said the new measures include a top-up of superannuation payments of $500 per annum to ANZ’s permanent and fixed term female employees in Australia to address the gap in retirement savings and free superannuation advice for customers with less than $50,000 in superannuation to help them grow their knowledge and confidence to support their financial decisions.

“Women play a critical role in global economies – however our report shows they can still earn up to 36 per cent less than men and retire with around half the superannuation,” ANZ CEO Global Wealth Joyce Phillips said.

“Over time, we believe these new measures will help improve the financial security of women at ANZ by directly targeting the areas of advice, superannuation and financial education,” Phillips said.

The new report ‘Barriers to achieving financial gender equity’, examines the reasons for financial inequality between men and women. It charts the financial lifecycle of women from childhood to retirement and compares their experience with men across education, income, careers, leadership and wealth creation.

“We know women are at a financial disadvantage, however this research also confirms what’s really restricting the financial future of women is the inherent structural bias in the way the workplace, education, social and legal systems are established,” Phillips said.

“There is an opportunity for us to address these imbalances at ANZ and to work to redesign the systems within both business and the community to support women’s success and financial well-being for the future.


Lina Caneva  |  Editor  |  @ProBonoNews

Lina Caneva has been a journalist for more than 35 years. She was the editor of Pro Bono Australia News from when it was founded in 2000 until 2018.

PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers? Get in touch at news@probonoaustralia.com.au or download our contributor guidelines.

 Print

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Aussie tradies turn pin-up boys for charity

Luke Michael

Saturday, 23rd January 2021 at 8:00 am

Yabun festival goes digital

Maggie Coggan

Friday, 22nd January 2021 at 4:20 pm

How your job hunt has changed in 2021

Maggie Coggan

Friday, 22nd January 2021 at 3:25 pm

Think there is nothing you can do? Think again…

Contributor

Thursday, 21st January 2021 at 7:15 am

Equity Trustees - Giving Review
pba inverse logo
Subscribe Twitter Facebook
×