156
gender or other status (Nations 2019). Recognising the appeals of SDG 10 and subtarget 10.2, 10.3 and 10.4, this chapter is principally concerned with understanding
how Australia’s superannuation policy can be modified to enable the economic
equality of women in retirement. These considerations are particularly salient in
light of the conclusions arising from the 2016 senate inquiry into financial security
in retirement, which is that women are at a greater risk of experiencing poverty,
housing stress and homelessness in retirement (Committee 2016, p. 13). These
financial difficulties stem largely from the systematic inequalities embedded within
superannuation policy in Australia. For example, super payments are intrinsically
tied to paid work; consequently, women are at a fundamental disadvantage as they
are more likely to assume primary responsibility for unpaid care work over the
course of their careers (Bulbeck 2005; Agency 2017). As this chapter will investigate, the accumulation of larger superannuation balances demands full-time work
and an interrupted career trajectory. In a closely related vein, the gender pay gap,
gender wealth gap, and occupational segregation further obstruct the accumulation
of adequate superannuation balances for retirement (Agency 2015, 2017; Committee
2016). These observations lead Riach (2018) to make the salient argument that
‘women’s superannuation balances are determined by relationships and cultural
expectations, among them gender inequality in family care of disabled family members, and the division of household labour’. This quote pivotally highlights the
structural deficits present within superannuation policy. As such, it is crucial to
question how these structural biases within Australia’s superannuation policy can be
dismantled.
This chapter will explore how SDG 10 can assist with mitigating the burden of
financial insecurity that women experience in retirement in three central parts. The
first section of this chapter will explore Australia’s multi-pillar pension framework.
Crucially, this section will delve into the three pillars which support retired
Australians: the pension, superannuation, and investments or voluntary savings.
Importantly, this section will emphasise that the gradual shift towards a more privately funded (superannuation) model of retirement can be inequitable to women,
as the accumulation of a larger superannuation balance is intrinsically linked to a
full-time employment and pay. The second section explores the societal and gendered impediments that prevent women from accumulating sufficient superannuation for retirement. Significantly, this section emphasises that there is a confluence
of barriers which inhibit women from accumulating the same superannuation balance as men; however, there are four overarching variables which critically affect
the ability of women to accumulate super: the gender pay gap, gendered occupational segregation, the care penalty, and the gender wealth gap. The critical conclusion arising from this section is that there is a confluence of distinct factors which
impinge upon female financial security in retirement, thus, tackling or alleviating
gendered financial insecurity in retirement demands a multifaceted approach.
Consequently, the third section of this chapter will consider how SDG 10 can be
employed to dismantle the inequitable barriers which prevent women from achievC. Power
gender or other status (Nations 2019). Recognising the appeals of SDG 10 and subtarget 10.2, 10.3 and 10.4, this chapter is principally concerned with understanding
how Australia’s superannuation policy can be modified to enable the economic
equality of women in retirement. These considerations are particularly salient in
light of the conclusions arising from the 2016 senate inquiry into financial security
in retirement, which is that women are at a greater risk of experiencing poverty,
housing stress and homelessness in retirement (Committee 2016, p. 13). These
financial difficulties stem largely from the systematic inequalities embedded within
superannuation policy in Australia. For example, super payments are intrinsically
tied to paid work; consequently, women are at a fundamental disadvantage as they
are more likely to assume primary responsibility for unpaid care work over the
course of their careers (Bulbeck 2005; Agency 2017). As this chapter will investigate, the accumulation of larger superannuation balances demands full-time work
and an interrupted career trajectory. In a closely related vein, the gender pay gap,
gender wealth gap, and occupational segregation further obstruct the accumulation
of adequate superannuation balances for retirement (Agency 2015, 2017; Committee
2016). These observations lead Riach (2018) to make the salient argument that
‘women’s superannuation balances are determined by relationships and cultural
expectations, among them gender inequality in family care of disabled family members, and the division of household labour’. This quote pivotally highlights the
structural deficits present within superannuation policy. As such, it is crucial to
question how these structural biases within Australia’s superannuation policy can be
dismantled.
This chapter will explore how SDG 10 can assist with mitigating the burden of
financial insecurity that women experience in retirement in three central parts. The
first section of this chapter will explore Australia’s multi-pillar pension framework.
Crucially, this section will delve into the three pillars which support retired
Australians: the pension, superannuation, and investments or voluntary savings.
Importantly, this section will emphasise that the gradual shift towards a more privately funded (superannuation) model of retirement can be inequitable to women,
as the accumulation of a larger superannuation balance is intrinsically linked to a
full-time employment and pay. The second section explores the societal and gendered impediments that prevent women from accumulating sufficient superannuation for retirement. Significantly, this section emphasises that there is a confluence
of barriers which inhibit women from accumulating the same superannuation balance as men; however, there are four overarching variables which critically affect
the ability of women to accumulate super: the gender pay gap, gendered occupational segregation, the care penalty, and the gender wealth gap. The critical conclusion arising from this section is that there is a confluence of distinct factors which
impinge upon female financial security in retirement, thus, tackling or alleviating
gendered financial insecurity in retirement demands a multifaceted approach.
Consequently, the third section of this chapter will consider how SDG 10 can be
employed to dismantle the inequitable barriers which prevent women from achievC. Power