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HSBC publishes Future of Retirement: What the world wants
26 April 2006
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Largest global study on retirement ever undertaken – 20 countries and territories
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43% want to self-fund retirement
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36% support compulsory saving for retirement – the first choice option for funding later life
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72% want to scrap mandatory retirement
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49% of employers recognise the high value of older workers, but many lack the practices to attract and retain them
The largest global survey into attitudes towards ageing and retirement ever conducted has found that, around the world, people want to abandon traditional models of retirement in favour of self-sufficiency and a mix of work and leisure. Given a choice, most people (36 per cent) think their government should enforce additional private savings, rather than increase the retirement age (23 per cent), raise taxes (12 per cent) or reduce pensions (12 per cent). HSBC’s Future of Retirement: What the world wants study surveyed 21,000 people and 6,000 companies in 20 countries and territories and found that, while many older people want to work, and most employers recognise their skills, opportunities are still limited.
Nearly half (43 per cent) of individuals worldwide expressed a desire to fund their own retirement either through savings or by working later, perhaps part-time. But the research also revealed that, while 49 per cent of the world’s employers recognise that older workers are just as productive and motivated as younger ones, most are slow to make the most of the opportunity they present.
Stephen Green, Group Chief Executive, HSBC Holdings plc, said: “HSBC’s Future of Retirement: What the world wants research shows that individuals increasingly expect to bear their own costs in later life, but governments and business must understand their role in continuing to support individuals. They cannot afford to shy away from the enormous challenges and opportunities presented by global ageing.”
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