One in five Australian women aged 55 to 64 have high levels of mental distress associated with financial insecurity, an increase of 40 per cent in the last 20 years, according to an study led by Monash University.
Dr Joanne Enticott, Head of Mental Health Epidemiology Research at the Monash School of Public Health and Preventive Medicine, said there was a greater risk of depression in populations with higher income inequality.
"Financial economic security for Australian women is at an all-time low. There is an urgent need for a bold new agenda that delivers broader cooperation to improve financial insecurity and optimise mental and physical health," Dr Enticott said.
The university is working with the Federal Government to establish a national institute to support women of all ages.
