Go Big. Go Bold. | Women's Economic Opportunities Review
The NSW government has announced a new strategy to promote women in the workforce
On Monday 7th February 2022, NSW Premier Dom Perrottet, NSW Treasurer Matt Kean MP, NSW Minister for Women Bronnie Taylor and Chief Executive Women (CEW) CEO Sam Mostyn announced the Women's Economic Opportunities Review, together with Super-Rewards CEO Pascale Helyar-Moray.
Empowering women and improving their economic opportunities is the focus.
“The time has come to level the playing field, making sure more women have more choice and opportunities when it comes to their careers,” Mr Perrottet said.
The review will consider how to improve women's economic participation, in the context of the key systemic deficiencies of; childcare, education and flexible work. All of which prevent women from working.
It is hoped that the strategy will help close the gender gap in the workforce and improve economic outcomes for women
Mr Kean stated that “women are underrepresented in our trades, our offices and our boardrooms, and for the State to be more productive we need everyone who wants to work to be able to do so”.
Currently, 1 in 4 women of working age is not in the workforce; this translates to a gender superannuation gap.
The reality of women leaving the workforce is helpless.
Mrs Taylor said that “too often women leave the workforce or reduce their working hours out of necessity, not choice. It is therefore no surprise that women have only two thirds of the superannuation saved compared to men”.
Our CEO, Pascale Helyar-Moray stated that “the challenges facing women from an economic and equality perspective are persistent and daunting.”
Today, Australia ranks 45th compared to other countries when measured on different facets of equality - economic security, political participation.
Economic disadvantage for women is evident at every life stage. Men take home $25,500 more pay per annum on average. Female graduates earn 11% less than their male counterparts.
Women retire with only enough money for 5 years of a modest retirement – but live another 15 years after that. These factors contribute to the reality that the fastest growing demographic of the homeless is older women.
The government says the strategy will help to boost economic growth and create jobs
While the review is just the beginning, measures implemented will yield results, now and in future.
Mrs Taylor speaks about the positive projections that can result from the Women’s Economic Opportunities Review.
She says that “if we increase the number of women in the workforce we will improve their economic security and wellbeing across a lifetime, bringing enormous social and economic benefits to everyone in NSW.”
Increasing support for women to enter, re-enter and stay in the workforce, improving salary and superannuation outcomes and improving access to affordable childcare are key factors will aid a boost in our economy.
More women in the workforce = more superannuation for those women = better retirement outcomes for them. This benefits us all.
What is the key takeaway?
All spoke of the need to go big, and go bold in addressing the long-standing multi-faceted issues surrounding women's economic security. If we're not innovating - either in government, in corporate Australia, or in community - what are we doing?
Super-Rewards has effectively created a 4th stream of super contributions.
We were delighted to have Super-Rewards, and its female founder held up as a showcase of how to go big, go bold, how to innovate - all in the name of changing the status quo.
A better retirement is our vision at Super-Rewards, where users grow their super by earning cash back from their everyday spend. The fusion of the key concepts of gender equality, superannuation and Fintech encapsulate the Super-Rewards model.
We all have control over how we can channel our spendings. Sign-up for free today so your every day spend can help improve your future.