The reality of retirement savings difficulties does not necessarily equate to fear of poor outcomes.

According to an international survey of over 18,000 people from 17 countries, with more than 1,000 Americans included, researchers at HSBC noted that just over one-third, 35%, of those asked said they wished they’d started saving earlier, with 31% saying they had hoped to save a larger portion of their income. Just over one-third, 34%, said they wouldn’t change a thing.
Oddly, a slightly higher percentage of respondents, 36%, expected that wages would help fund their retirement, meaning they wanted to continue working after they retired. This compares unfavorably to the 14% of current retirees who told the researchers they needed to work to fund their retirement.
In at least some part, this discrepancy can be attributed to a lack of communication. For example, only 22% of respondents said they received advice, in any form, on retirement. That means that over 3/4 of respondents never spoke with family, a government agency or a financial advisor. For those who did speak with someone, only 54% of those not yet retired and 42% of retirees told researchers they had spoken to a professional about retirement.
For more on this important research, check out our new article tomorrow.