Why aren’t more girls studying economics?

When Michele Bullock became Governor of the Reserve Bank of Australia in September 2023, she became the first woman to hold the position.

She joined a small but highly influential group of women — all senior economists — who showcase the demanding and highly rewarding career possibilities available to future generations of young women…if they select economics as a subject at high school.

But there’s the sticking point.

While glass ceilings are being smashed and women are increasingly reaching executive levels and taking their seat at boardroom tables, in high schools across the country, girls are not choosing to study Economics.

This doesn’t only stop them from developing interesting careers in the fast-moving and highly impactful world of economics, it means economic decisions that affect us all are being made by a narrower sector of society i.e. mostly men, and through a less diverse lens.

Widening the pipeline

‘With economists playing an integral role in determining economic policies, there are wider social benefits when the pipeline of future economists is broadly representative of society,’ states an RBA report examining why high school students do, or don’t, study Economics.

The Reserve Bank of Australia (RBA) is concerned about the decline in the popularity of Economics in high schools, and the lack of females enrolling in the subject.

RBA research has found the number of Year 12 students enrolling in Economics has fallen by around 70% over the past three decades. The picture is even bleaker in terms of male versus female Economics students. While numbers were approximately equal in the early 1990s, the RBA says male economics students now outnumber females two-to-one.

Tackling a national problem

“The lack of female students choosing Economics is a national problem – but there’s actually no reason at all for it to exist. There’s no reason why Economics classrooms should be seen as a male domain,” says Peter Lewis, Head of Commerce at Haileybury Senior School.

“As a society, we need to have the most capable people in economics-related jobs, regardless of gender. This means we need to tackle the stereotypes that exist in high school and society as to who studies economics — and who doesn’t. There’s no logical reason why more girls shouldn’t be choosing Economics.”

The RBA’s extensive research has identified a number of reasons why more girls don’t see economics having a place in their Years 11 and 12 subject selections. Compared to male students, they perceive economics to be less interesting and they have less belief that they can do well in the subject.

Building belief and understanding

Female students are also unsure of what Economics is about and they’re more likely to see Business Studies as an easier and more useful and interesting choice. Girls also lack clarity around the career opportunities that can stem from studying Economics.

The RBA’s Head of Information, Jacqui Dwyer, reports the introduction of Business Studies as a subject choice in Years 11 and 12, a lack of understanding of economics and its relevance to daily life, and student and parental confusion around the careers that economics leads to are hindering the growth of economic enrolments in high school – particularly for girls.

‘In essence, economics has an image problem,’ writes Ms Dwyer.

Leading the way

The appointment of Michele Bullock and other female economists to positions of authority and power in Australia highlights the many opportunities that can await young women who do select Economics in high school.

Danielle Wood, Chair of the Productivity Commission and former CEO of the Grattan Institute has an Honours degree in Economics and a Master degree in Economics. Keeping Ms Bullock and Ms Wood company, Jenny Wilkinson is the Australian Government Department of Finance Secretary who also has an Economics degree.

So does Westpac’s head of economic research, Luci Ellis. Dr Angela Jackson is a health economist who has worked as Deputy Chief of Staff to the Australian Finance Minister during the global financial crisis and is now Lead Economist at Impact Economics and Policy that works with governments, not-for-profits and businesses.

Face-to-face with the best in the business

Peter Lewis says exposing female high school students to such role models helps them envisage themselves in such careers.

In his five years at Haileybury, Mr Lewis has helped engineer a six-fold increase in the number of girls choosing VCE Economics – and they have flourished. In a girls-only Economics class, seven out of eight students achieved a final study score that placed them in the top 6% of students in Victoria, and one student received an Economics scholarship to ANU.

Haileybury has hosted events with high-profile economists such as Danielle Wood and Amy Auster, who has served as Chief Adviser to the Commonwealth Treasury. The school has also actively increased its number of female Economics teachers, and organises regular seminars and dinners where female students can network with successful female economists.

Increasing accessibility

Particularly for students in regional, rural and remote parts of the country, opportunities to study Economics at high school may be limited. Smaller schools may not have access to teachers able to deliver the subject.

To try and remove this barrier, Mr Lewis teaches Economics through Haileybury Pangea, Haileybury’s online campus. This allows students at schools where the subject isn’t available to enrol in Economics as a single subject and study online and in their own time.

“Economics is rarely offered in many rural schools and the Haileybury Pangea program bridges that gap. Students stay connected to their local school while still being able to pursue a passion and interest in Economics,” says Mr Lewis.

The Trump effect

“Many of our female students are altruistic and interested in social justice and saving the world and Economics is very relevant to that goal. The subject doesn’t stand still because the economy changes all the time and that is vital and exciting,” says Mr Lewis.

“Look at the world right now and the recent election of Donald Trump in the US. He wants to reintroduce trade tariffs and so future Economics classes will be looking at the potential impacts of that worldwide and in Australia.

“A student who completes Economics at high school will have a good knowledge of how the economy works. They’ll understand interest rates, housing affordability, inflation, tax and superannuation and, in the future, they may end up working for government organisations or research departments where they can help solve some of the many economic problems facing society today.”

To discover how students can enrol in Haileybury Pangea please follow this link.