Pension Survey Sees Britons Not Saving Enough for Golden Years

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27th February 2013 17:18 - Financial Services

 

A global survey by HSBC, which questioned almost 16,000 people in 15 countries, has uncovered a worrying trend – 34% of the respondents have made no preparations whatsoever for their retirement.

Following from the study, the bank’s 20-page report, titled ‘The Future of Retirement: A New Reality’, revealed some stark statistics about the UK.

As many as two-thirds of Britons have “inadequate” retirement planning, since the average person’s pension pot will be depleted in a third of the 19 years that retirement generally lasts for (a shortfall of 12 years, which is the worst figure out of all countries analysed).

In addition, the survey revealed that the majority of UK respondents (57%) who have not yet fully retired admitted to prioritising saving a holiday over saving for their retirement, in contrast to the 43% average globally.

A further 14% of Britons claimed they would dip into their retirement fund to pay for major life events such as purchasing a house.

Despite these high level of UK  respondents not taking saving for their retirement seriously enough, 63% said that financial hardship was their greatest fear about their retirement years, while 31% are concerned they will have to work for longer than they want to pay the bills.

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