Australians 'need educating about retirement saving'

Australians need better advice and education about how to handle their retirement savings, it has been suggested.

Mark Rantall, chief executive officer at the Financial Planners Association, claimed that while increases in super guarantee contributions will help, a true difference will only be made by presenting super account holders with more options.

Following the Cooper report into Australia’s superannuation system, the federal government has stated its aim of increasing the compulsory superannuation contributions from nine to 12 per cent by 2020.

However, speaking to the Herald Sun, Mr Rantall argued that consumers should still be kept informed about super developments from a range of sources.

"The Cooper report portrayed advice from intermediaries as something to be discouraged in both MySuper and in the Choice environment – it focuses instead on reducing costs," he observed.

"But advice is still the best way to better superannuation outcomes."

Those looking for more choice in their retirement nest egg may wish to compare savings accounts in search of the best returns. Writing for the Advertiser with his wife Libby this week, Channel 7 presenter David Koch argued that Australian consumers should use the start of the new financial year to set savings targets and improve their financial standing.

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