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Australia´s pension system: No reform can replace financial literacy

Demographic change poses a formidable challenge for Australia: Despite only a modest increase in the old-age dependency ratio, the number of people aged 65 and older will almost double from 4.1mn today to 7.5mn within the next 30 years.

With its strong capital-funded superannuation fund, Australia’s pension system is rated as one of the best prepared for demographic change worldwide. However, savers’ behavior during the Covid-19 crisis underlines the need for more financial education and literacy to avoid old-age poverty without overburdening already strained state budgets and future younger generations.

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