153
© Springer Nature Singapore Pte Ltd. 2020
I. B. Franco et al. (eds.), Actioning the Global Goals for Local Impact, Science
for Sustainable Societies, https://doi.org/10.1007/978-981-32-9927-6_11
Chapter 11
SDG 10 Reducing Inequalities
Reducing Inequalities (SDG 10) in Australia’s
Superannuation System: A Multidimensional
Approach to Achieving Female Financial
Equality in Retirement
Caitlin Power
Abstract It is well-evidenced that women earn less than men; however, the incessant effects of the gender pay disparity egregiously continue into retirement. Women
in Australia retire with approximately half the superannuation balance of men; consequently, this chapter is preoccupied with understanding the reasons for the gender
disparity in retirement (superannuation) savings in Australia. Using the framework
of the sustainable development goals (SDG), notably SDG 10 (reducing inequalities), this chapter critically engages with how superannuation policy can be ameliorated and reformed to facilitate the diverse career trajectories and primary care
responsibilities many women face. In line with SDG sub-target 10.2, the empowerment and promotion of economic inclusion, irrespective of age, sex, race etc., this
chapter stresses the integral role that financial education and literacy play in enabling
women to better understand the vital function of superannuation savings in preparing for a sustainable retirement. Finally, the latter section of this chapter explores
how superannuation policy can be structurally amended to consider the oftentimes
broken and disparate career trajectories women face.
Keywords Reducing inequalities · SDG 10 · Superannuation policy · Retirement ·
Female financial equality · Defined benefit schemes · Australia
C. Power (*)
Faculty of Humanities and Social Science, The University of Queensland,
St Lucia, QLD, Australia
e-mail: caitlin.power@uqconnect.edu.au
© Springer Nature Singapore Pte Ltd. 2020
I. B. Franco et al. (eds.), Actioning the Global Goals for Local Impact, Science
for Sustainable Societies, https://doi.org/10.1007/978-981-32-9927-6_11
Chapter 11
SDG 10 Reducing Inequalities
Reducing Inequalities (SDG 10) in Australia’s
Superannuation System: A Multidimensional
Approach to Achieving Female Financial
Equality in Retirement
Caitlin Power
Abstract It is well-evidenced that women earn less than men; however, the incessant effects of the gender pay disparity egregiously continue into retirement. Women
in Australia retire with approximately half the superannuation balance of men; consequently, this chapter is preoccupied with understanding the reasons for the gender
disparity in retirement (superannuation) savings in Australia. Using the framework
of the sustainable development goals (SDG), notably SDG 10 (reducing inequalities), this chapter critically engages with how superannuation policy can be ameliorated and reformed to facilitate the diverse career trajectories and primary care
responsibilities many women face. In line with SDG sub-target 10.2, the empowerment and promotion of economic inclusion, irrespective of age, sex, race etc., this
chapter stresses the integral role that financial education and literacy play in enabling
women to better understand the vital function of superannuation savings in preparing for a sustainable retirement. Finally, the latter section of this chapter explores
how superannuation policy can be structurally amended to consider the oftentimes
broken and disparate career trajectories women face.
Keywords Reducing inequalities · SDG 10 · Superannuation policy · Retirement ·
Female financial equality · Defined benefit schemes · Australia
C. Power (*)
Faculty of Humanities and Social Science, The University of Queensland,
St Lucia, QLD, Australia
e-mail: caitlin.power@uqconnect.edu.au