Natixis Global Asset Management’s 2017 Global Retirement Index, which tracks the wellbeing of retirees around the world, placed Australia at number six globally, behind Norway, Switzerland, Iceland, Sweden and New Zealand.

“Australians can be justifiably proud of our robust retirement system, which is held up as an example of global best practice on many fronts, particularly financial wellbeing,” said Kevin Haran, who heads up Natixis’ Australian business arm.

“There’s no question that Australians benefit from mandatory superannuation polices, which have contributed to ongoing strong performance in the Global Retirement Index.”

However, the material wellbeing of retirees (a measure of retirees’ ability to financially support themselves in retirement based off income per capita) left a little to be desired.

 “This suggests that there still needs to be greater individual engagement with super in order for retirees to achieve the outcomes they desire,” he said.

Innovation from the people managing retirement assets will also yield better results for Australia’s retirees and pre-retirees, Mr Haran said, but currently that innovation is lacking.

“Australia’s mandatory superannuation policies are lauded by policy-makers around the world in terms of their improvement to retirement outcomes, however at an individual level, many people don’t have a clear idea of what is needed to retire comfortably,” he explained.

“The asset management industry has a vital role to play here in helping to educate investors; understanding their goals, and constructing durable portfolios to respond to market factors and each individual’s risk tolerance.”