HSBC released its fifth annual "Future of Retirement" study. The study is the largest of its kind, covering over 15,000 people in 15 countries.
The report suggests a perfect storm of demographic, individual and financial factors that have the potential to derail the retirement plans of millions of people around the world:
Stephen Green, Group chairman of HSBC, said: "A perfect storm is confronting pensions planning, created by an ageing population, falling pension funds values, a drop in state and employer contributions and an economic downturn which is forcing people to make tough financial choices."
Additional findings include:
- 86 percent of respondents do not know what income they will receive in retirement.
- Only 27 percent feel that they fully understand their long-term finances.
- 14 percent of respondents have done no retirement planning whatsoever.
- 47 percent of respondents have never received any form of professional financial advice.
- 92 percent of people have changed some element of their finances in light of the financial crisis.
- Only 19 percent of respondents plan to retire in the same manner that they had prior to the onset of the financial crisis.
Source: HSBC
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Anonymous replied on Permalink
What will people do?
Without any objective professional advice, how are people supposed to understand the investing options available to them and make appropriate choices? Now more than ever, there is a need for trusted investment professionals.