Aussie women describe bleak retirement conditions in global survey

Australian women have painted a much bleaker picture than their global counterparts regarding their outlook on retirement, a new survey conducted by the British Standards Institution (BSI) for its Lifting the Second Glass Ceiling report has revealed.

Of the more than 1,000 Australian women surveyed – who formed part of the total cohort of 6,500 working women in the UK, India, Japan, China, the US and Germany – only 38 per cent remained confident the gender pay gap would close in their generation (compared to 41 per cent globally and 57 per cent globally two years ago). Similarly, only 42 per cent expected to enter leadership positions at the same rate as men, compared to 46 per cent across the remaining respondents.

Australian women also reported a drop in confidence that the generation to follow will receive improved support and flexibility to remain in the workforce for as long as men (41 per cent compared to 47 per cent globally), with many citing the heightened impact of several external reasons forcing them to exit the workforce including physical health (32 per cent of versus 27 per cent globally), menopause (23 per cent versus 20 per cent globally) and pay imbalances (14 per cent across both cohorts).

The survey also found that bridging the pay gap would help 69 per cent of Australian women stay in the workforce for longer, while 76 per cent encouraged more tax or pension incentives and 80 per cent cited improved support for caregiving and maternity leave periods.

“Our research makes clear that, while in Australia there is increased focus on retaining experienced women with some employers already taking proactive steps, not least around menopause support, the impact has been limited. Too many women are still hitting the Second Glass Ceiling and leaving the workforce prematurely, not by choice but due to persistent structural barriers,” Charlene Loo, ANZ Managing Director at BSI, said.

“Policymakers and employers can fast track change by proactively removing barriers to the retention of experienced women, such as financial inequalities and support for those seeking to balance health issues and family life with work.”

The survey results have also highlighted some improvements related to the acknowledgement and introduction of more supportive policies related to women-specific health and wellbeing issues such as menopause and pregnancy in the workplace in the two years since BSI’s last Lifting the Second Glass Ceiling report, given 48 per cent of Australian women believe greater flexibility would enable them to remain in the workforce for longer.

The BSI’s world-first “workplace standard on accommodating menopause in the workplace” found only seven per cent of women globally were aware of these policies within their organisation back in 2023 – this has now grown to 47 per cent of Australian women and 44 per cent globally. However, while awareness of the policies has risen a lack of clarity and communication remains – 66 per cent of Australian women said their employee has never mentioned menopause support and only nine per cent said their employers regularly communication about the policies in place and support that is available.

“Women’s confidence about their prospects at work are in dramatic decline. There is an urgent need for intervention with a true culture of care, employers must take a holistic view of the experiences that shape women’s working lives and respond to them,” Kate Field, Global Head Health, Safety and Well-being at BSI, said.

“This includes clear, well-communicated policies, having both formal and informal support on offer, and ensuring managers are equipped to respond with empathy and discretion. Adaptable arrangements that support well-being through pregnancy, fertility, menopause, and beyond are critical at a time when concerns about productivity and absenteeism are significant.

“Our research shows that a compassionate culture isn’t just good for people, it’s good for business.”