Using social marketing to improve retirement funding for women in Australia and other countries

Abstract

The objective of this study is to highlight the superannuation industry in Australia as an exemplar and then compare this to other countries. To this end, an overview of the literature in the field considers various countries and their approaches. What emerges is that profound inequities in retirement funding will continue unless policies change. Superannuation tends to work well for males who are employed full time but less well for females in general and other groups such as the long-term unemployed, self-employed, contractors, transient populations, indigenous and people with illness and addictions. Having entire cohorts of citizens cascade into poverty upon retirement is a political embarrassment and a human rights issue. This is effectively a wicked problem that can be addressed by well-designed proactive social marketing and redesigned government and industry policy. Governments and industry should work together to find a way to augment the retirement plans of females and other marginalized groups.