[ilya_m]

> in Australia where individuals are expected to fund their own retirement,

I'm looking at the official statistics, and this is not what they say:

The government pension is the main source of income for 47% of retirees vs superannuation's 33%. Moreover, the proportion of those relying on the pension has increased between 2020 and 2022 by 3 pts.

https://www.abs.gov.au/statistics/labour/employment-and-unem...

[skissane]

> The government pension is the main source of income for 47% of retirees vs superannuation's 33%.

Yes, but that’s because the current superannuation system was only introduced in 1992, and when it was first introduced the mandatory contribution rate was only 3% (as opposed to 12% starting this year)-so a lot of current retirees had limited super because it didn’t exist for a big chunk of their working life, and then even when it did the contribution rates were arguably insufficient. Younger workers (20s/30s/40s) generally have had much more money put into their super, so it is expected that by the time they reach retirement age, the pension:super balance will have shifted more in the super direction.

> Moreover, the proportion of those relying on the pension has increased between 2020 and 2022 by 3 pts.

That period saw significant economic and social disruption due to COVID-19, so I doubt that change is representative of long-term trends. If an economic shock causes a rise in unemployment, that can push people near retirement age into unplanned early retirement-and the people most likely to be impacted by that are likely to be the least well-off, who inevitably are more likely to rely on the government pension than their own retirement funds