AMP Financial Planning has announced it is a new sponsor of the Financy women’s index – with the latest issue of the report released this week.

Financy’s index gauges the economic progress of Australian women – and includes key statistics on women’s wealth and employment.

Most of the economic data released and shared in Australia reflects the average of the country’s entire workforce – but those figures are skewed by men dominating most industries.

By focussing on women, the Financy index helps inform businesses and individuals on areas where women’s economic progress is being made, and where weaknesses exist.

To assist in the improvement of women’s financial well-being AMP Financial Planning will encourage more women to seek financial advice and look for employment in the financial planning industry.

The move to support the index – on World Financial Planning Day – is welcomed by AMP Financial Planning adviser and managing director of Jade Financial Group Dianne Charman.

“Women are often underpaid, we also have a retirement gap,” Ms Charman said.

“Having an index means that we can bring that issue to the forefront.”

AMP’s own extensive research has detailed the gender gap for pay, super, and the disproportionate financial impact of divorce on women.

The gaps are often attributed to the lower wages, interrupted work patterns, and longer life expectancies of women.

To assist in the improvement of women’s financial well-being AMP Financial Planning will encourage more women to seek financial advice and look for employment in the financial planning industry.

Managing director of AMP Financial Planning, Michael Paff, believes working in the industry makes for a rewarding career.

“We want to encourage more women to become advisers, for their own benefit and for the health of our industry,” Mr Paff said.

One AMP Financial Planning initiative assisting women moving into the financial advice industry is Adviser Pathways.

It is a training and education program that gives AMP’s new advice recruits a firmer career path and exposure to more on-the-job training and career opportunities.

“There’s still a long way to go and a great deal more to do,” Mr Paff said.

“But, if our industry and our nation are to reach their full potential, women must have a greater role.”

Ms Charman is backing the steps AMP Financial Planning has taken.

She believes more women working in financial advice can – and will – make a significant difference to the industry.

“Financial advice is one of the most extraordinary professional careers.”