HSBC has conducted the largest global survey into attitudes towards ageing and retirement ever conducted. The London-based bank has found that, around the world, people want to abandon traditional models of retirement in favor of self-sufficiency and a mix of work and leisure.
Given a choice, most people (36%) think their government should enforce additional private savings, rather than increase the retirement age (23%), raise taxes (12%) or reduce pensions (12%). HSBC’s 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 recognize their skills, opportunities are still limited.
Nearly half (43%) 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% of the world’s employers recognize that older workers are just as productive and motivated as younger ones, most are slow to make the most of the opportunity that they present.
Stephen Green, chief executive of HSBC, said: [The] 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.