Over 40% in Singapore, HK, UAE still not saving for retirement
Over 40% of employees of working age in Singapore, Hong Kong and the United Arab Emirates (UAE) have not yet started saving for their retirement or have stopped after facing difficulties, new research suggests. The long-running study, conducted by Ipsos Mori on behalf of HSBC, questioned 18,000 people across 17 countries including the UK, Singapore, Hong Kong and the UAE.
In the UK, around 36% of working age people have not yet started saving into their pensions, while in Argentina the figure is at 65% and Taiwan 54%.
Work for Longer
The research also found that British people can now expect to save for seven years longer than those already retired. Britons now expect to save for a period of 30 years before they retire, compared to the current generation of pensioners who saved for only 23 years, according to HSBC’s Future of Retirement survey.
On average, pre-retirees in the UK expect to work until they are 63, compared to 59 for current pensioners. They are also starting their saving earlier, at 26 compared to 29.
Meanwhile, just 30% of people of working age in the UK have consulted a Financial Adviser about their retirement plans while 40% have never received advice or information about their pensions. Those in their 40s are least likely to have received professional pensions advice, while 41% of pensioners have sought out professional financial advice.
HSBC’s Caroline Connellan, said “Seeking retirement information and personalised advice from professionals is important to help plan for your future.”
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