Financial inequity is linked to poor health outcomes for women, with income equity for Australian women more than 200 years away at the current rate of progress and full time employment equality with men around 70 years away.
That’s according to the first Australian Women’s Health and Wellbeing Scorecard: Towards equity for women, which the Monash Centre for Health Research and Implementation (MCHRI) will produce annually after a successful partnership with Monash Health and over 100 other organisations.
The Monash University-led report shows that Australian women have lower incomes, less superannuation, less labour force engagement and poorer health than men.
“Poor health is known to reduce income; and low income is known to increase risk of poor health creating a cycle of disadvantage for Australian women, with impact on women from diverse backgrounds even greater,” said the report’s co-author, MCHRI Director and leading women’s health expert Professor Helena Teede.
“Women disproportionately have lower income, and less engagement in the labour force, which drives poorer health, even in a high-income country like Australia.”
While economic indicators are improving for women, the report’s scorecard shows that the gender gap has remained for all indicators (income, superannuation, labour force engagement and health) except unemployment.
Women’s average income and superannuation balances increased from 2001-2020, but they continued to have lower income and less superannuation than men.
In 2020, there was a 19-percentage point gap in full time employment, a $23,767 annual income gap and a $44,746 superannuation gap between men and women.
Linked with this financial inequity is the greater psychological distress that women experience compared to men, which has risen particularly high in women aged 18-24 and 55-64 since 2001.
Women aged 18-24 reported the highest distress in all years since 2001. Women aged 55-64 went from reporting the lowest distress in 2001 to the second highest in 2018.
A recent retiree named Heather told the Monash researchers: “I look back over my life of hard work and family dedication, yet know I can only look forward to major financial struggles, and tough times ahead. I worry everyday about keeping my rental accommodation and being able to manage the basics in my life. It just seems unfair.”
These gender inequities are negatively affecting the economy as well. The report shows that women’s labour force absence cost $72 billion in lost GDP annually.
Co-author of the report and MCHRI Women’s Economics and Value Based Care Unit lead Associate Professor Emily Callander said: “Having good health, meaningful employment and a decent level of income and wealth allows individuals to fully participate in and contribute to society. These are also vital for health, wellbeing and for economic growth.”
Professor Callander and Professor Teede pointed out that equitable health and wellbeing was a social justice issue and that it’s critically linked to financial equity and accessible prevention and healthcare.
Low-income women had poorer health than high income women in every domain of health assessed, according to the report. And around two thirds of women report poor physical functioning, low levels of vitality and poor general health and mental health.
Linked to financial inequity, women’s social functioning and emotional and physical ability to perform their role declined from 2001-2020. And in 2020, women reported poorer health outcomes than men in every health domain except general health.
To address the gender inequities highlighted in this report, Professor Teede said that removing structural barriers preventing equality must be an urgent priority to protect the health of Australian women.
“Urgent action is required to address women’s health and wellbeing, through a women-centred, evidence-based approach – focused on achieving real change for women. Implementation of evidence, monitoring and accountability here is imperative.”
MCHRI is working towards a world-first integrated Australian Women’s Public Health, Wellbeing and Equity Institute to address these challenges.