Aussie superannuation savings accounts 'some of best in world'

Mozo

Friday 16 October 2009

Australian superannuation savings accounts and retirement income provision are among some of the best in the world, according to a new study.

The first of its kind, the Melbourne Mercer Global Pension Index was produced by the Melbourne Centre for Financial Studies and Mercer and analysed 11 countries across the globe, which may be good news for those with high interest savings hoping to retire.

Australia ranked second with a score of 74 out of 100, behind the Netherlands’ rating of 76.1 points.

Those compiling the report based their judgements on criteria including adequacy, sustainability and integrity.

Among the recommendations put forward by the report was the notion that Australia should strive to perform even better by increasing the level of mandatory contributions, among other potential improvements.

Commenting on the study, Professor Deborah Ralston of the Melbourne Centre for Financial Studies, said: " This is a matter of key importance for every Australian to know that they can enjoy a healthy and well resourced retirement."

While putting a little money aside can help in retirement, it could also stop people getting into debt, according to Lisa Montgomery, head of advocacy at Resi Mortgage Corporation.

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