Retirement nest eggs need better advice

Many retirees need better advice on what to do with their nest eggs, the banking watchdog says. (AAP)

The banking watchdog believes Australians should be getting better advice in managing their retirement nest eggs so people do not end up having unnecessarily frugal lives post-work.

Australian Prudential Regulation Authority deputy chair Helen Rowell says the superannuation and wealth management industry is far too focused on accumulating savings.