Aussies 'live longer than almost anyone else'

Aussies may have more need for savings in term deposit accounts during their retirement than people in other countries in light of recent figures suggesting that their life expectancy is very high.

Figures from the Australian Bureau of Statistics (ABS) revealed that boys and girls born at this year can expect to live to 79 and 84 years of age respectively.

In the last 21 years, the average life expectancy has risen by six years for men and four years for women.

With Aussies expected to live for longer, those who want to ensure they are comfortable in their later years may want to consider putting funds aside in term deposits.

According to the latest data, major cities in Australia had the lowest death rates in the country in 2010, while remote areas had the highest.

Recently, executive director of global capital markets at Westpac David van Ryn told the Sydney Morning Herald that those with term deposit holdings should ensure they diversify their investments.

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