Why do we have a superannuation system?
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Introduction
In this activity, students explore the importance of Australia’s superannuation system. They collaboratively create a persuasive text promoting the benefits of superannuation and provide an individual explanation of how the superannuation system supports human and financial wellbeing in retirement and the government’s ability to maintain a welfare system for the common good.
Achievement standard
By the end of Year 10, students analyse how economic indicators influence Australian Government decision-making. They explain ways that government intervenes to improve economic performance and living standards. They explain processes that businesses use to manage the workforce and improve productivity. They explain the importance of Australia’s superannuation system and its effect on consumer and financial decision-making. Students analyse factors that influence major consumer and financial decisions, and explain the short- and long-term effects of these decisions.
Students develop and modify a range of questions to investigate an economic and business issue. They locate, select and analyse relevant and reliable information and data from a range of sources. They interpret and analyse information and data to evaluate trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. They develop an evidence-based response to an economic and business issue. They evaluate a response, using appropriate criteria to decide on a course of action. Students use economic and business knowledge, concepts, and terms to develop descriptions, explanations and reasoned arguments that synthesise research findings.
Content descriptions
Economics and Business Knowledge and Understanding
The importance of Australia’s superannuation system and how this system affects consumer and financial decision-making. (AC9HE10K04)
Economics and Business Skills
Interpret information and data, explaining economic and business issues, trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. (AC9HE10S03)
Develop and evaluate a response to an economic and business issue, using cost-benefit analysis or criteria to decide on a course of action. (AC9HE10S04)
Create descriptions, explanations and arguments, using economic and business knowledge, concepts. And terms that incorporate and acknowledge and research findings. (AC9HE10S05)
Teacher resources
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Why is super important?
Why can't we rely on the age-pension?
Student learning resources
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The Age Pension and superannuation
The importance of Australia’s superannuation system
Suggested activity sequence
Part A: Why do we have super?
- Play: Why is super important?
- As a class discuss the importance of superannuation to individual financial wellbeing in retirement.
- Students read the explainer or read it as a class.
- Select students to share some of their ideas and key pieces of information, with a focus on government policies that have been designed to ensure it can maintain the welfare system for the common good.
Part B: Exploring the future of age pensions
- Use a grouping strategy to organise students into groups of 4.
- Display the statistics on the visualiser.
- Groups discuss the impact of these statistics on the future of age pensions.
- As a class discuss:
- Why Australia has a superannuation system.
- How this system supports individuals in their retirement.
Part C: Assessment
- Students complete the assessment task. They must complete part 1 individually but can work collaboratively on part 2. This can be completed in students’ own time.
- Collect the assessment task and use student responses to make judgments about student performance in relation to the achievement standard.