Superannuation savings account funds see sixth monthly increase

Monday 21 September 2009

Article by Mozo

Superannuation savings accounts funds experienced a month-on-month increase for the sixth consecutive month, recent figures have revealed.

Jeff Bresnahan, managing director of SuperRatings, cited research which indicates a 14.3 per cent rebound in the median balanced super fund, report the AAP.

He told the news provider that the improvements in the Australian share market and listed property sector contributed to the gains.

"This six-month streak is the exact opposite to the previous six months, where six consecutive negative returns were recorded," he commented.

People interested in finding high interest savings accounts might be interested to learn that the median balanced superannuation fund has holdings of 60 to 76 per cent in growth style assets.

According to the figures from SuperRatings, these represent about 80 per cent of the retirement savings accounts in the country.

In related news, it was recently announced that pensioners would receive a boost to their income, as their state pension will be increased by $70.83 a fortnight.

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