Australians have collectively amassed an unprecedented average in their superannuation accounts, marking a new milestone in funds set aside for retirement.

The Association of Superannuation Funds of Australia (ASFA) has released findings showing robust growth in account balances across various age groups. Specifically, individuals between the ages of 65 and 69 are seeing an average retirement savings of $420,934.

Overall, average savings across all demographics have reached a groundbreaking figure of $172,834.

Despite this progress, a notable disparity remains between genders. On average, men have saved $192,119, while women have amassed $154,641. However, ASFA reports that this gap is gradually narrowing.

Currently, women and girls account for 43.6 percent of the nation’s super savings, a rise from 41.9 percent five years prior.

“The boost in the superannuation guarantee to 12 percent, combined with impressive investment returns from super funds, has led to Australians saving more for their retirement than ever before,” stated ASFA CEO Mary Delahunty. “This is indeed positive news.”

According to the research, a 30-year-old median wage earner with $30,000 already saved in super is now on track to retire with $610,000, above the $595,000 needed for a comfortable retirement.

It also found that fewer Australians than ever before were relying primarily on the age pension, with super increasingly becoming the main source of retirement income.

ASFA said this was a historical shift in terms of how Australians fund retirement.