Financial outcomes in retirement for female primary carers in Australia focusing on informal elder care

Abstract

A number of researchers have examined likely financial outcomes in retirement for female primary carers in Australia. This literature has been motivated by both the significant proportion of working age women providing care, and the social and economic value of their unpaid labour. Although offering valuable insights into the significant relation between the life-course timing of care provision and superannuation balances, the existing literature does not consider the financial consequences in retirement for women who care for their parents, and in particular, those who simultaneously or sequentially "sandwich" this care with raising children. This thesis addresses this omission by developing a series of superannuation accumulation scenarios for carers of elders, and "sandwich generation" carers from a range of estimated life-course employment and earnings profiles. Within the framework of feminist political economy, the thesis interprets estimated financial outcomes for various cohorts of carers in the context of their likely financial needs in retirement. These outcomes are compared with likely outcomes for various cohorts of non-carers, including male and female full-time workers and mothers working part-time. The results indicate that average full-time continuous workers are unlikely to amass superannuation balances sufficient for their financial needs in retirement, and that "sandwich generation" carers along with mothers raising children with disabilities are likely to be particularly adversely affected. The research thus supports the body of literature challenging claims that Australia's current retirement income policy is efficient and equitable. Additionally, claims that the current system will relieve the fiscal burden of the ageing population on future generations become contestable in light of the likely unsustainable outcomes for those currently providing substantial and unpaid elder care.

Date of Award	2014
Original language	English