Australian super accounts have reached a record average high, with more saved for our collective retirement than ever before.
New research from the Association of Superannuation Funds of Australia (ASFA) found strong account growth across all demographics, with account holders aged 65 to 69 averaging $420,934 in retirement savings.
Across all age groups, the current average has hit a new record level of $172,834.
Aussie super accounts have hit a record average high. (Getty Images/iStockphoto)
There is still a significant gender gap, with males averaging $192,119 compared to the female average of $154,641, but ASFA said the gap was closing.
Women and girls now hold 43.6 per cent of the country’s super savings, up from 41.9 per cent five years ago.
“The increase in the superannuation guarantee to 12 per cent combined with strong investment returns from super funds mean Australians have more savings than ever put away for retirement. This is great news,” ASFA chief executive Mary Delahunty said.
According to the research, a 30-year-old median wage earner with $30,000 already saved in super is now on track to retire with $610,000, above the $595,000 needed for a comfortable retirement.
It also found that fewer Australians than ever before were relying primarily on the age pension, with super increasingly becoming the main source of retirement income.
ASFA said this was a historical shift in terms of how Australians fund retirement.