National Australia Bank says Australians aren’t putting away enough money for their retirements, and they are confused by the complexity of products available.

Australian CEO Ahmed Fahour told the Melbourne Financial Services Symposium last week the retirement savings gap needs to be tackled before it’s too late.

“Our population is getting older and the level of savings in the short term is insufficient,” he said. “We have to overcome the uniquely Australian ‘she’ll be right mate’ attitude when faced with savings and investment choices.”

Mr Fahour says one way of encouraging people to increase their super contributions is to ease the tax burden. Currently contributors are taxed 15% when they make the contribution, then another 15% when they collect their super.

He acknowledged the positive effect super choice – which comes into force on July 1 – will have on retirement savings, saying it will “directly encourage Australians to take a more active interest in their retirement income”.

“Choice is probably the biggest single trigger event that will lead people needing advice so far,” Mr Fahour said. “But it will not alone deliver the lifestyle that we all look forward to in retirement.”