Larry Fink, chairman and chief executive of fund manager BlackRock, said the US should consider a mandatory savings scheme for retirement, citing the success of Australia’s superannuation system and the National Employment Savings Trust launched in the UK.

In a speech at the New York University Stern School of Business yesterday, Fink said longevity is the defining challenge of this era, as a quarter of Americans who are 65 today are expected to live until the age of 90, and one-third of babies born two years ago will live to 100-years old.