Home / Banking / Savings Accounts / News / Aussies ‘savings gap’ blows out $26K

Aussies ‘savings gap’ blows out $26K

03/02/2010

The latest research released today by the Investment & Financial Services Association (IFSA) showed Australians face a massive savings shortfall that would see the majority of Australians struggling to maintain their quality of life in retirement.

John Brogden, IFSA’s CEO, said the latest IFSA research undertaken, by Rice Warner Actuaries, represented a confronting reality check. “The retirement savings gap faced by Australians is the difference between what is actually being saved and what is needed to sustain a reasonable lifestyle after ceasing work. This latest forecast shows the gap has continued to grow.

“The retirement savings gap has blown out from $452 billion in 2004 to $695 billion in this report, an increase of $26,000 per person to $73,000 per Australian."

Source: IFSA



Previous Article  Next Article

Savings Account Selector

Select state:
 Account Purpose
Fixed Term At Call Savings
 

Savings Amount?
$
Your Savings Term

 Standard
 Online
 Farm Management
 Savings Standard
 Online Savings
 Cash Management
 Childrens
 First Home Savers
  Pensioner Deeming
 Christmas Club
 Farm Management
 Superannuation
 
 




Today's Savings Rates

Institution Product Max. Rate (%) Details
USaver (Base Rate 5.85%, Bonus 0.10% with savings plan) 5.95 Details
Citibank Online Saver (Variable introductory rate for 6 months on balances under $2 million) 5.88 Details
Savings Maximiser (New customers will receive a Variable Welcome Rate of 5.85% p.a. for 4 months from account opening, on balances up to $1 million) 5.85 Details
RaboPlus PremiumSaver (Grow your balance by $200 by the end of each month to earn 5.75%) 5.75 Details
TeleNet Saver (Special Introductory Interest Rate for 12 months - variable) 5.62 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



SPONSORED LINKS