Take a bow Australia.
Australia’s pension market is being touted as the best in the world, according to a new Global Pension Assets study.
The analysis from Willis Towers Watson’s Thinking Ahead Institute found the Aussie pension market had grown by 11.3% over the 20 years from 2000 to 2020, making it the most successful globally.
There were three specific reasons cited for the market growth and they were worker’s contributions to pension funds, the freedom for workers to choose their fund and the defined contributions superannuation model.
Despite the success of the Aussie market the US remains the largest pension market, representing 62% of worldwide pension assets, followed by Japan and the UK with 6.9% and 6.8% respectively.
The figures are complicated and better suited to economists but the big take away is Australia leads the way when it comes to successful pension markets.
