Canada rose two spots to ninth among 43 countries in the 2018 Global Retirement Index released Thursday by Natixis Investment Managers, the Paris and Boston-based firm announced.

The improvement in Canada’s ranking is largely attributed to “quality of life” factors, rather than financial conditions.

“Canada returned to the top 10 mainly as a result of improvements in the biodiversity, air quality and environmental factors,” Natixis says in a news release, as well as “a stronger jobs market in 2017.”

The index is based on a wide range of factors that contribute to retirement security in 43 countries including advanced economies, members of the Organisation of Economic Co-operation and Development, and Brazil, Russia, India and China.

Switzerland, Iceland, and Norway topped the global rankings, which is dominated by Western European countries.

Along with gains in “quality of life” metrics, Canada’s ranking was also influenced by several other factors, including improvements in the strength of the country’s financial institutions, and a continued top 10 ranking for health, Natixis notes. However, improvements in employment and income equality were offset by a decline in per capita income, Natixis says.

“We see strength and an upward trend in both the overall ranking and in two of the four sub-indices of the Natixis Global Retirement Index rankings in Canada,” says Abe Goenka, CEO at Natixis Investment Managers Canada, in a statement.

“For 2018, Canada shows leadership in the finances in retirement and the quality of life indices, which is reflected in improvements in non-performing bank loans, tax pressure, governance and rising interest rates, and better scores for air quality and in the personal happiness of current retirees, respectively,” he adds.

“Global retirement security is facing a multi-dimensional problem, as the traditional three-pillar funding model is challenged by 21st Century demographics, fiscal imbalances and monetary policies that are straining the resources of individuals, employers and governments around the world,” says Jean Raby, CEO at Natixis Investment Managers. “We hope this report will serve as a framework for much-needed dialogue among policymakers, pension managers, workers and the financial industry about how to meet the needs of today’s retirees while preserving retirement security for future generations.”