Last week, people across the world observed International Women’s Day – a day set aside to acknowledge and celebrate women’s achievements and campaign for gender equality.
In New Zealand, we have made significant advances in addressing gender imbalances. We’re ranked second in the world for the highest proportion of women with a tertiary education, and more women are working than ever before, making them critical contributors to our economic prosperity1.
Despite this progress, a key issue remains – women are still not earning as much as their male counterparts, facing a wage gap of about $17,000 a year2. Life events – like a change in relationship status; having children; re-entering the workforce – can further compound this. Along with the wage gap, women on average are likely to live longer than men, yet retire earlier3, meaning they could be left behind when it comes to securing a comfortable retirement.
With this in mind, it’s more important than ever that women achieve financial security. The good news is nearly 1.4 million women are on the right track by being enrolled in KiwiSaver°. But with a $78,000 gender retirement savings gapˆ there’s plenty of work to do. In line with this year’s International Women’s Day theme, #PressForProgress, it’s time to take action to bridge this gap. Here’s how: