164
inequality within and amongst countries. It is a critical preoccupation of SDG 10 to
eliminate discriminatory policies in favour of programmes that enable social equality. This is in line with sub-targets 10.3 and 10.4 which respectively call for equal
opportunity via the elimination of discriminatory laws, policies and practices;
moreover, it is also in line with sub-target 10.2 which advocates for the promotion
and empowerment of the economic inclusion of all, irrespective of age, gender or
other status (Nations 2019). As emphasised in the previous section of this chapter,
the current structure of superannuation policy is prejudicial to women and the
achievement of financial security in retirement. The accumulation of larger superannuation demands a full-time work pattern and continual employment. However,
while achieving financial equality in retirement is the desirable ultimata, because of
the complexity and wicked nature of the issue, the realisation of equality in superannuation balances needs a multifaceted approach (Hetherington and Smith 2017;
Jericho 2018; Riach 2018). As a consequence, this section will consider how subtargets 10.2, 10.3 and 10.4 can be utilised to provide a platform for the reduction of
inequality in superannuation savings between men and women. The first section
will promulgate the argument that within the boundaries of sub-target 10.2, there is
a greater need to empower women and young adults through targeted financial literacy and education programmes. Finally, the latter section will consider how subtargets 10.3 and 10.4 can be utilised to remove discriminatory policies which hinder
women from achieving equal superannuation.
11.4.1 SDG 10.2: Empowering Women and Young Adults
Through Financial Education and Literacy
The functioning of Australia’s three-pillar retirement system requires individuals to
be well informed and possess a sufficient level of financial literacy (Agnew et al.
2013). In a study of Australian financial literacy levels, Agnew et al. (2013, p. 8)
found that women scored lower than men in a financial literacy test. They concluded
that financial illiteracy is more prevalent amongst ‘younger individuals, women,
those with less education and those who are not employed’. Their findings are
linked to the argument that financial literacy and education play a crucial role in
ensuring adequate preparation for retirement. On a larger scale and similar vein, the
OECD, in conjunction with the International Network on Financial Education, estimated that young adults are amongst the lowest levels of financial literacy (OECD
2012). For example, in Denmark, 73% of young adults have little or no knowledge
of interest rates (OECD 2012). Similarly, Ali et al. (2015) found that women have
lower levels of knowledge about the superannuation system. In a questionnaire
designed to test respondents’ knowledge in regard to super, 20% of women were
able to answer seven or more questions correctly. It is evident that there is a
decreased level of financial comprehension amongst women and young adults, and
in this regard, it is evident that there needs to be a greater emphasis on providing
tailored financial literacy.
C. Power
inequality within and amongst countries. It is a critical preoccupation of SDG 10 to
eliminate discriminatory policies in favour of programmes that enable social equality. This is in line with sub-targets 10.3 and 10.4 which respectively call for equal
opportunity via the elimination of discriminatory laws, policies and practices;
moreover, it is also in line with sub-target 10.2 which advocates for the promotion
and empowerment of the economic inclusion of all, irrespective of age, gender or
other status (Nations 2019). As emphasised in the previous section of this chapter,
the current structure of superannuation policy is prejudicial to women and the
achievement of financial security in retirement. The accumulation of larger superannuation demands a full-time work pattern and continual employment. However,
while achieving financial equality in retirement is the desirable ultimata, because of
the complexity and wicked nature of the issue, the realisation of equality in superannuation balances needs a multifaceted approach (Hetherington and Smith 2017;
Jericho 2018; Riach 2018). As a consequence, this section will consider how subtargets 10.2, 10.3 and 10.4 can be utilised to provide a platform for the reduction of
inequality in superannuation savings between men and women. The first section
will promulgate the argument that within the boundaries of sub-target 10.2, there is
a greater need to empower women and young adults through targeted financial literacy and education programmes. Finally, the latter section will consider how subtargets 10.3 and 10.4 can be utilised to remove discriminatory policies which hinder
women from achieving equal superannuation.
11.4.1 SDG 10.2: Empowering Women and Young Adults
Through Financial Education and Literacy
The functioning of Australia’s three-pillar retirement system requires individuals to
be well informed and possess a sufficient level of financial literacy (Agnew et al.
2013). In a study of Australian financial literacy levels, Agnew et al. (2013, p. 8)
found that women scored lower than men in a financial literacy test. They concluded
that financial illiteracy is more prevalent amongst ‘younger individuals, women,
those with less education and those who are not employed’. Their findings are
linked to the argument that financial literacy and education play a crucial role in
ensuring adequate preparation for retirement. On a larger scale and similar vein, the
OECD, in conjunction with the International Network on Financial Education, estimated that young adults are amongst the lowest levels of financial literacy (OECD
2012). For example, in Denmark, 73% of young adults have little or no knowledge
of interest rates (OECD 2012). Similarly, Ali et al. (2015) found that women have
lower levels of knowledge about the superannuation system. In a questionnaire
designed to test respondents’ knowledge in regard to super, 20% of women were
able to answer seven or more questions correctly. It is evident that there is a
decreased level of financial comprehension amongst women and young adults, and
in this regard, it is evident that there needs to be a greater emphasis on providing
tailored financial literacy.
C. Power