isnít a declaration that Iíve discovered
extraterrestrial life on another planet. Iím talking
about a more down-to-earth revelation:
arenít the only ones struggling to save for
69 percent of working-age people are worried about
running out of money in retirement, and two-thirds worry
about having enough money to live on day-to-day,
according to a study by HSBC Holdings PLC.
study reflects that the U.S. is actually a little bit
better, though I would not say that collectively anybodyís
in good shape, but the U.S. is a little bit more focused
on saving for retirement vs. the global average,"
said Andrew Ireland, head of U.S. Wealth Management at
HSBC Bank USA, N.A.
not saying much.
global study found that retirement isnít the main
savings priority for 85 percent of working-age people.
the U.S., saving for retirement isnít the top priority
for 81 percent of working-age Americans, HSBC said.
comes even as 76 percent have seen retirement savings
affected at some point by a significant life event such
as buying a home, becoming unemployed, divorce or
illness, underscoring the power of planning adequately
and at an early age for life after work.
are not funding retirement the way they did for
generations before the current working generation,"
Ireland said. "People look at how they retire, how
their parents have retired, and theyíre modeling their
behavior after what their parents have done."
"I think they will be surprised when they donít
receive pensions and/or donít receive the medical
benefits of their current employer the way their parents
had, and therefore need to save differently than their
parents did," Ireland said.
report, "The Future of Retirement: A Balancing
Act," explores saving habits and barriers to saving
for retirement. It found that paying off a mortgage or
other debts is the biggest barrier preventing
working-age people from saving adequately for life after
you consider how quickly the world is aging, the lack of
retirement savings is very scary.
are 868 million people over age 60 ó nearly 12 percent
of the global population, according to the 2014 Global
AgeWatch Index, which looks at the quality of life
experienced by older people in 96 countries.
2050, itís predicted to rise to 21 percent, nearly as
many people aged 60 or over as those under 15 ó 2.02
billion, compared with 2.03 billion," the index
raises a key question: "People arenít saving
enough for retirement, the aging population is growing,
people are living longer in retirement than before. How
are we going to address the needs of this population
that is not self-sufficient?"
now, the onus falls on each of us.
no Ďone-size-fits-allí approach to retirement, but
there are ways that everyone can plan for a better
one," Ireland said. "This includes starting as
early as possible, figuring out how much youíll need
to fund the lifestyle you want and making sure youíre
properly covered for unexpected life events."
Future of Retirement: A Balancing Act," a study by
HSBC Holdings, consisted of an online survey of more
than 16,000 people in 15 countries and territories.
findings are based on a nationally representative survey
of people of working age 25 and older, as well as
retirees, in each country. The U.S. findings are based
on a nationally representative survey of 1,000 people.
research was conducted online last August and September,
with additional face-to-face interviews in Indonesia and
the United Arab Emirates.
read the global and U.S. reports, go to: hsbc.com/retirement.