Survey: Future of Retirement

The international banking group HSBC Group has published a comprehensive study on global attitudes to ageing and retirement, which shows that for many people traditional retirement is a thing of the past: 80% want to scrap mandatory retirement while just 14% equate financial independence with old age. Entitled "The Future of Retirement." the study examines attitudes in 10 countries (Brazil, Canada, mainland China and Hong Kong, France, India, Japan, Mexico, the UK and the USA). In addition to finding that what people want is greater choice in when and how they retire.ow they retire, less than a quarter (21%) said that never working for pay again would form part of their ideal retirement.

The median age of the global population will increase dramatically by 20404, straining the funding of retirement. But given the choice between increasing taxes, reducing pensions or raising the retirement age to ease this burden, 45 per cent chose the latter, emphasising the desire of many to make their own decisions. Just 26 per cent said they would accept higher taxes. Only 15 per cent opted to reduce pension benefits.

However, while the research uncovered a growing desire to redefine how we traditionally think about later life, it also found that people in many countries are unsure of where to go to find appropriate advice. Almost two-thirds (63 per cent) of those surveyed said they had begun to prepare for retirement but most of this was restricted to reading up on the subject and discussion with family and friends.

In addition to publishing the survey, HSBC has created a Future of Retirement website which offers interactive test for determining how prepared a person is for retirement and retirement solutions offered in various countries.

Source: News Release HSBC Media (May 10, 2005)