Australia has ranked sixth in the world, behind New Zealand, for retiree wellbeing, according to the 2016 Global Retirement Index (GRI).
The GRI compares countries and their ability to meet the needs of retirees. The Index compares finances, quality of life, health and material wellbeing, and provides comparisons in policy in 43 countries.
Top 10 in global pension survey
- New Zealand
- The Netherlands
Australia ranked fifth overall for finances in retirement - government debt and low inflation rates were cited as highlights for retiree purchasing power. Australia's generous social security benefits were called our 'Achilles heel' due to the impact on government spending and its addition to the national deficit.
Australia ranked twelfth for its health performance, and sixteenth for material wellbeing - this measures retiree ability to support themselves in retirement based on income per capita, unemployment, and income equality.
Our climate change commitment was singled out as our poorest ranking score, ranked in the bottom five of 43 countries.
What's the Index all about?
This index is intended to be a comparison tool providing a global benchmark for the meeting the needs of retirees globally. The index considers four main factors, which each have sub-factors.
- Finances in retirement - a look at access to quality financial services, and the ability to preserve savings.
- Material wellbeing - examines retirees' ability to live comfortably in retirement.
- Health - evaluates access to quality health services.
- Quality of life - a focus on a clean, safe environment in which to live.