Australia 'under least pressure to reform retirement savings accounts'

Thursday 17 November 2011

Article by Mozo

Australia appears to have the best retirement system in the world, as figures have shown that savings accounts and pension holders in the country are the most content.

Australia 'under least pressure to reform retirement savings accounts'

Allianz Global Investors has compiled a new Pension Sustainability Index, which indicated Australia is in the least need of retirement savings reform.

The study took a number of variables into account, including public finances, pension system design and demographic developments.

It discovered while savers in Australia benefit from a strong pension system, their counterparts in Greece, Thailand, India and China are not so lucky.

"Australia's two-tier system of lean public pensions and highly developed funded superannuation pensions means we are best prepared with respect to the potential future burden on public finances," commented managing director at Allianz Australia Terry Towell.

The importance of Aussies having well stocked savings accounts was recently highlighted by the Australian Bureau of Statistics, which suggested the life expectancy of Australians is longer than almost anybody else.

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