Share market volatility posing serious risk to Aussies nearing retirement

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Share market volatility is presenting a high risk for Australians nearing retirement, a group of finance experts has claimed.

Finance sector experts at the University of Sydney Business School have said current volatility in the share market is presenting a risk to Australians in or nearing retirement.

“The current volatility is a reminder of how much risk ordinary people now face not just in saving for retirement but in more and more aspects of their daily lives,” Business School economist Mike Rafferty said.

Rafferty said it raised the question whether "shifting life course risks to ordinary people to manage is a very good idea".

Professor Susan Thorp said market volatility highlighted the need for retirement products that would help Australians safeguard their income from the "full force of financial downturns".

“The Murray Inquiry's recommendation that the superannuation industry come up with products to help self-funded retirees manage longevity and investment risk is looking more urgent," Thorp said.