161
mately $56,700 (89%) more than the average single female in the same age cohort
(Austen et al. 2013; Wade 2014). According to Professor Austen, ‘the data suggests
we are going to see substantial gender wealth inequalities in old age’ (as cited in
(Wade 2014). Critically, reasons for the gender disparity in wealth accumulation are
multifaceted and diverse; for example, the gender wealth gap can be attributed to
women having lower average incomes, the gender pay gap, and biases within the
labour market such as the glass ceiling and occupational segregation (Austen et al.
2013; Ravazzini and Chesters 2018). The fundamental point is that the explanatory
factors associated with the gender wealth gap also affect female financial security in
retirement. In this vein, it is necessary to consider the gender wealth gap in conjunction with mitigating variables such as the gender pay gap and gendered occupational
segregation.
11.3.2 Gender Pay Gap
The gender pay gap is a critical contributor towards the gender disparity in superannuation balances. The pay gap represents the difference between men and women’s
average weekly full-time equivalent earnings, expressed as a percentage of men’s
earnings (Agency 2019b). At present, women earn approximately $239.80 per week
less than men, with this figure being even greater when women’s part-time and
casual earnings are considered (Agency 2019a; Cerise 2009, p. 10). The Human
Rights Commission (2017) makes the salient point that if women were to work fulltime over a 45-year career and take no time off for parenting or unpaid care commitments, they would still earn approximately $700,000 less than men. In this regard,
the gender pay gap is a punishment to women throughout their working life
(Committee 2016). This is because the accumulation of super is intrinsically linked
to paid work (Hetherington and Smith 2017). It is estimated that the gender pay gap
in average full-time earnings for full-time employees results in a 19.3% shortfall in
superannuation contributions for women compared to men (Black, 2015). However,
the gender pay gap is more multidimensional than the chasm between average
weekly full-time earnings. In this regard, the gender pay gap assumes different
forms: for example, women are less likely to occupy positions of upper management, women are more likely to face interruptions to their careers and women are
more likely to work in an occupation or industry which attracts lower wages
(Wingrove and Ferrier 2016; Hetherington and Smith 2017). The gender pay gap
assumes a more insidious posture when it is considered alongside gendered occupational segregation and unpaid care work. Folbre (2017) makes the critical point that
when women earn less than their partners, they are more likely to take on increased
responsibility for family care. As such, it is necessary to consider how gendered
occupational segregation affects female earning capacity.
sion from their study is that the differential growth rates in the value of the primary asset type drive
the gender wealth gap.
11 SDG 10 Reducing Inequalities
mately $56,700 (89%) more than the average single female in the same age cohort
(Austen et al. 2013; Wade 2014). According to Professor Austen, ‘the data suggests
we are going to see substantial gender wealth inequalities in old age’ (as cited in
(Wade 2014). Critically, reasons for the gender disparity in wealth accumulation are
multifaceted and diverse; for example, the gender wealth gap can be attributed to
women having lower average incomes, the gender pay gap, and biases within the
labour market such as the glass ceiling and occupational segregation (Austen et al.
2013; Ravazzini and Chesters 2018). The fundamental point is that the explanatory
factors associated with the gender wealth gap also affect female financial security in
retirement. In this vein, it is necessary to consider the gender wealth gap in conjunction with mitigating variables such as the gender pay gap and gendered occupational
segregation.
11.3.2 Gender Pay Gap
The gender pay gap is a critical contributor towards the gender disparity in superannuation balances. The pay gap represents the difference between men and women’s
average weekly full-time equivalent earnings, expressed as a percentage of men’s
earnings (Agency 2019b). At present, women earn approximately $239.80 per week
less than men, with this figure being even greater when women’s part-time and
casual earnings are considered (Agency 2019a; Cerise 2009, p. 10). The Human
Rights Commission (2017) makes the salient point that if women were to work fulltime over a 45-year career and take no time off for parenting or unpaid care commitments, they would still earn approximately $700,000 less than men. In this regard,
the gender pay gap is a punishment to women throughout their working life
(Committee 2016). This is because the accumulation of super is intrinsically linked
to paid work (Hetherington and Smith 2017). It is estimated that the gender pay gap
in average full-time earnings for full-time employees results in a 19.3% shortfall in
superannuation contributions for women compared to men (Black, 2015). However,
the gender pay gap is more multidimensional than the chasm between average
weekly full-time earnings. In this regard, the gender pay gap assumes different
forms: for example, women are less likely to occupy positions of upper management, women are more likely to face interruptions to their careers and women are
more likely to work in an occupation or industry which attracts lower wages
(Wingrove and Ferrier 2016; Hetherington and Smith 2017). The gender pay gap
assumes a more insidious posture when it is considered alongside gendered occupational segregation and unpaid care work. Folbre (2017) makes the critical point that
when women earn less than their partners, they are more likely to take on increased
responsibility for family care. As such, it is necessary to consider how gendered
occupational segregation affects female earning capacity.
sion from their study is that the differential growth rates in the value of the primary asset type drive
the gender wealth gap.
11 SDG 10 Reducing Inequalities