Stephen Johnson, Daily Mail Australian Economics Correspondent
00:55 February 13, 2024, updated 01:01 February 13, 2024
Australia is now considered the seventh most expensive country in the world for retirement, with consumer groups warning that retirement savings are at risk of theft.
Swedish loan agency Sambra estimates that Australians need $640,911 to retire comfortably, putting them behind Switzerland, Monaco, Qatar, Singapore, Liechtenstein and Canada.
Australia’s inflation rate of 4.1 per cent is also higher than most wealthy people in the world, meaning retirees would need $34,221 a year to survive if they paid off their home instead of renting.
By comparison, Switzerland is the country with the highest retirement savings, with retirement savings in the Alps costing $927,034, or an annual cost of $46,632.
Australia has the fourth largest pension savings in the world at $3.6 trillion, making it a target for scammers.
Up to 178,000 superannuation members with accounts in three super funds are at risk of phishing scams from 2022 onwards due to a data breach, a Super Consumer Australia investigation reveals. Ta.
Super Consumers policy manager Rebecca Sarcoesi said super funds were refusing to implement even the most basic security features to prevent fraud.
“Some super funds refuse to adopt even the most basic account security controls like multi-factor authentication,” he said.
Criminals can obtain someone’s personal information by sending fraudulent emails or text messages. Designed to steal personal and financial information.
Data breaches can also lead to an increased risk of phishing, as scammers use stolen contact information and other information to target people whose identities have been stolen.
Over 16 million Australians have a Super Account.
Super Consumers Australia is calling for a mandatory industry fraud code to prevent, detect and stop fraud.
The company has submitted a submission to the Treasury’s consultation on ‘Fraud – Essential Industry Code’.