The country’s $4.2 trillion retirement savings sector must urgently prioritise efforts to boost service standards for retirees and older Australians or risk stranding millions with a poorer quality of life in retirement, warn industry experts.

It comes as new research indicates Australians feel more uncertain about their retirement than ever before. The CoreData/Conexus Financial report revealed fewer than one third of people over 45 feel financially ready for retirement and a rise in the number planning to exit the super system.