Will Australians compare savings accounts as report highlights retirement fears?

Australians are fearful that they will not have enough money to finance their retirement, according to a new report.

This could inspire a number of consumers to compare savings accounts to ensure they are getting the best return on their savings in order to boost their pension income.

A recently-published report by BT Financial Group has shown that 50 per cent of Australians think they will be reliant on the age pension, currently less than $300 a week, to pay for their retirement, news.com.au reported.

Data from the study also showed that one-third of respondents do not know their superannuation savings balance.

Melanie Evans, BT's head of superannuation, told the news provider that the figures could well be lower than the report suggests.

She commented: "80 per cent of retired Australians now rely on the age pension in some form, 40 per cent are on the full pension and 40 per cent are on a part pension of some sort.

"Reducing that 80 per cent to 50 per cent is a big shift in the way Australians save for their retirement."

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