A recent survey from HSBC Holdings found that most Britons are not adequately prepared for retirement. The new survey found that the average citizen will only have enough savings to last for seven years after they leave the workforce.
The survey tracked citizens from 15 nations. Other nations included both developed and developing nations across the world. The researchers found that Britons were worse prepared than their counterparts in any other country. HSBC said that these workers will suffer from a dozen years of hardship after they run out of money.
Christine Foyster, head of wealth development at HSBC, said that expectations for retirement are constantly changing. Citizens are living longer than in previous years, which means they will need to save more diligently while they are working. She said that more than 50% of the population is not saving enough to survive their golden years. Nearly a fifth of the population isn’t saving for retirement at all.
The participants in the survey were asked what their biggest concern was when they entered retirement. Most of the participants said they were concerned with making ends meet. Nearly a third of those respondents said they were concerned that they would need to work longer than they desired. The other two-thirds said they feared they would have to cut spending on certain necessities.
The survey found that citizens in China and the United States would also struggle to survive through retirement without a financial hardship. Citizens in Malaysia were best prepared for retirement, but still did not have enough money saved for the last five years they expected to live.
Foyster said that workers have been concerned about retirement since the beginning of time. She said that the only way they can have the security they are seeking is if they start preparing early enough.