The minus one million dollar woman

Posted by Jenni Colwill on 6 April 2009 | 0 Comments

The proportion of Australian women working in more highly skilled occupations has been increasing since 1987, but women's wealth has not kept pace with the increase.

The AMP.NATSEM report released recently shows that in 1982, women possessed around 33% of total Australian income. This had increased to only 37% in 2005-6. More women are working, but overall, women are receiving a smaller cut of the income pie.

Apparently Gen Y women are doing the best - they receive on average 85% of the average Gen Y man's wage. But then, they haven't reached the baby-rearing years yet, so hold your enthusiasm. It could change.

It seems that Gen X and Baby Boomers aren't doing so well - they receive 62% and 64% respectively. The reason Gen X-ers are a bit worse off is because they are in the middle of their child rearing years.

The report calculates that there is approximately a 28% difference between men and women's annual wages between the ages of 25 to 34 years, and that this gap increases 40% as they get older. Men with children earn the most (average income of $64,900 between ages 35-44), while women with children earn the least (averaging $33,500 between 35-44 years).

And of course, the differences just keep accumulating. In retirement, men between 55 and 64 years have around 1.7 times the disposable weekly income of retired women in the same age group.

The report concludes with the statement that women are unlikely to gain equal standing with men while they are working longer hours and continuing to earn so much less than men.

Its enough to drive you to drink. Really!