Australia. Superannuation’s multimillion-dollar problem
Very few superannuation systems the world over can hold a candle to Australia’s, but one key flaw leaving certain Australians at risk of poverty has persisted through its 25-year history.
The average Australian can expect to retire with hundreds of thousands of dollars in savings, taking pressure off the government pension and improving retirees’ quality of life – but it’s most effective for Australians who work full time for their entire adulthood.
Taking a career break is punished severely by the current system; a problem that disproportionately hurts women and leaves them at a higher risk of falling below the poverty line after leaving the workforce.
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