About 40% of Australians say they¡¯ll never have enough money to retire, despite the country boasting one of the world¡¯s most envied pensions systems, according to a survey released Wednesday.

Australia¡¯s $3.9 trillion Australian dollar ($2.6 trillion) superannuation industry has been widely championed overseas as a model pensions system for other countries, recently by BlackRock chief Larry Fink.

However, 40% of Australian respondents to the Natixis Investment Managers survey agreed with the statement ¡°I accept the fact that I will never have enough money to retire.¡±

Australia ranked seventh in Natixis¡¯ latest annual Global Retirement Index, which assesses 44 countries on their post-work finances, health, quality of life and material wellbeing.

Switzerland took the top spot from Norway in this year¡¯s report, which was collated in 2023.

State pension costs in developed economies, often already the biggest single area of government expenditure, are projected to soar in the coming years.

Australia¡¯s proportion of retirees is expected to surge from 8% today to 19% over the next 40 years, according to the Natixis report.

¡°Despite the country¡¯s robust pension system, concerns persist over the adequacy of retirement preparation and Australians¡¯ understanding of how to maximize their nest eggs,¡± Natixis said in the report.

Under Australia¡¯s superannuation system, which was created in the early 1990s, employers are currently required to make contributions equivalent to 11.5% of workers¡¯ salaries.

There¡¯s no such requirement in the U.S., and the U.K. only recently made some minimum contributions compulsory.

Globally, 19% of respondents to the Natixis survey said they still couldn¡¯t afford to retire even if they saved $1 million, with the report citing factors including interest rates and inflation as key concerns.