Why Women Have Lower Retirement Savings: The Australian Case

Feng, Jun; Gerrans, Paul; Moulang, Carly; Whiteside, Noel; Strydom, Maria

doi:10.1080/13545701.2018.1533250

Cited by 27 publications

(27 citation statements)

References 35 publications

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“…At a micro level, individuals with lower superannuation balances may be at a substantial disadvantage. A gender disadvantage is evident from early in individuals’ careers and is persistent (Feng et al ., 2019). Figure 1 shows substantial and sustained average gaps between superannuation balances of females and males of around A$50,000 in 2014 and A$60,000 in 2018.…”

Section: Introductionmentioning

confidence: 99%

Quantifying Australia’s Gender Superannuation Gap

Best

Saba

2021

Economic Record

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This paper quantifies the factors contributing to Australia’s gender gap in superannuation balances. Around 60 per cent of the gap can be attributed to the prior stock of superannuation, for respondents who had superannuation balances in both 2014 and 2018 in the Household Income and Labour Dynamics in Australia Survey. This is partly due to the accumulation of the prior gap with investment returns. Financial literacy and risk aversion explain around 7 per cent of the gap in total, such as through impacts on subsequent investment returns. Work patterns and wage rates affect contributions and explain approximately 30 per cent of the superannuation gap in total.

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Section: Introductionmentioning

confidence: 99%

Quantifying Australia’s Gender Superannuation Gap

Best

Saba

2021

Economic Record

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“…In contrast, older people with poor health as well as limited assets and superannuation required income and employment for nancial reasons, but their poor health prevented them from labour market participation. Employment history matters in later life savings and income [30,32]. Unemployment combined with low income, low superannuation and low nancial assets has created widening gaps in health and economic outcomes between the disadvantaged people with the rest [20,28].…”

Section: Resultsmentioning

confidence: 99%

“…Over time, working and savings from incomes helps build up superannuation and net nancial assets for older workers. Prolonged employment and higher incomes contribute to larger cumulative savings, superannuation and nancial assets [30,31]. As we wish to examine the association between the economic outcomes and health in the wage labour market context, we exclude other economic outcomes e.g.…”

Section: B Long-term Economic Outcomes: Superannuation and Net Nancimentioning

confidence: 99%

Unhealthy, Unwealthy and Left Behind – Workforce Participation and Inequality Among Older Australians

Dinh¹,

Strazdins

Doan

et al. 2021

Preprint

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BackgroundAustralians born in 2012 can expect to live about 33 years longer than those born 100 years earlier. However, only seven of these additional years are spent in the workforce. Longer life expectancy has driven policies to extend working life and increase retirement age, the current Australian policy, which has increased the eligibility for the pension from 65 to 67 by 2023, assumes that an improvement in longevity corresponds with an improvement in health expectancy. However, there is mixed evidence of health trends in Australia over the past two decades. Although some health outcomes are improving among older age groups, many are either stable or deteriorating. This raises the question of how health trends intersect with policy for older Australians aged from 50-70. This paper considers the interplay between older workers’ health and workforce participation rates over the past 15 years when extended workforce participation has been actively encouraged. MethodsWe compared health and economic outcomes of the older people in following years with the base year (start of the study period), adjusting for some key socio-economic characteristics such as age, sex, ethnicity, education and equivalized household income by applying the Random effects estimator with maximum likelihood estimation technique.Results We find that regardless of increasing longevity, the health of older adults aged between 50-70 has slightly deteriorated. In addition, health gaps between those who were working into their older age and those who were not have widened over the 15-year period. Finally, we find that widening health gaps linked to workforce participation are also accompanied by rising economic inequality in incomes, financial assets and superannuation. With the exception of a small group of healthy and very wealthy retirees, the majority of the older Australians who were not working had low incomes, assets, superannuation, and poor health.ConclusionsThe widening economic and health gap within older population over time indicates a clear and urgent need to add policy actions on income and health, to those that seek to increase workforce participation among older adults.

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“…It is important to note that while some Australians did access their superannuation, this is dependent upon having any superannuation available, and is therefore not available to everyone. Indeed, the Australian superannuation scheme is inadequate and inequitable, particularly for women (Feng et al., 2019 ). Periods of unemployment, low wages, and time out of the workforce due to illness or caring roles affect the capacity of Australians, especially women, to achieve sufficient superannuation funds (Broomhill et al., 2021 ).…”

Section: Discussionmentioning

confidence: 99%

Association between economic wellbeing and ethnicity, socioeconomic status, and remoteness during the COVID‐19 pandemic

Green

MacPhail

Alananzeh

et al. 2022

Public Health Nursing

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Objective The aim of this study is to explore the association between economic wellbeing and ethnicity, socioeconomic status, and remoteness during the COVID‐19 pandemic. Design A cross‐sectional study via SurveyMonkey was conducted in Australia between August 2020 and October 2020. Descriptive and inferential statistics were used to analyze the data. Results A total of 1211 individuals responded to the survey. Income loss was significantly associated with those from low socioeconomic status (OR = 1.65; 95% CI 1.01–2.68). Access of superannuation was significantly associated with those in outer regional (OR = 3.61; 95% CI 0.81–16.03) and low socioeconomic status (OR = 2.72; 95% CI 1.34–5.53). Financial inability to pay for services was significantly associated with living in remote areas (OR = 2.26; 95% CI 0.88–5.80). Conclusions The economic wellbeing of people who identify as Aboriginal and Torres Strait Islander, live in regional or remote areas, and reside in low socioeconomic areas have been substantially impacted during the pandemic. Findings call for policies to address the underlying social determinants of health.

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Why Women Have Lower Retirement Savings: The Australian Case

Abstract: Please refer to published version for the most recent bibliographic citation information. If a published version is known of, the repository item page linked to above, will contain details on accessing it.

Cited by 27 publications

References 35 publications

Quantifying Australia’s Gender Superannuation Gap

Quantifying Australia’s Gender Superannuation Gap

Unhealthy, Unwealthy and Left Behind – Workforce Participation and Inequality Among Older Australians

Association between economic wellbeing and ethnicity, socioeconomic status, and remoteness during the COVID‐19 pandemic

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