A new report released for the week of International Women’s Day shows LGBTIQ women are being particularly hit by the gender pay gap.
The research from St. George Bank surveyed more than 1,200 people, revealing a pay gap within the LGBTQI community, with women earning on average 25 per cent less than men.
General Manager Ross Miller said the St. George LGBTQI Financial Wellbeing Report research was undertaken to help the bank understand more about the diverse needs of LGBTQI families.
“As an inclusive family bank, we are committed to helping all our customers, including seniors, multicultural Australians and the LGBTQI community,” Miller said.
“The report is an important step for us to identify and understand the financial needs of LGBTQI Australians.”
A like-for-like comparison shows the pay gap is smaller among LGBTQI Australians than their heterosexual counterparts, however.
The report shows that LGBTQI women earn 18 per cent less than LGBTQI men, whereas straight women earn 31 per cent less than straight men.
LGBTQI women are five times more likely to incur expenses related to IVF or reproduction related services in the next 10 years than straight women.
They are also less likely to be a home owner-occupier, and less likely to benefit from shared expenditure in retirement.
“The report suggests LGBTQI women are feeling less of a pinch than hetero women when it comes to the gender pay and super gap. However, they are doing it tough in other respects,” said Miller.
“We’re seeing some grave concerns impacting LGBTQI women, with 63 per cent surveyed saying they are worried about their ability to financially provide for themselves and their family, and 33 per cent saying money is a source of conflict in their household.
“International Women’s Day is a timely reminder for us to enhance the financial wellbeing of all Australian women.”