When faced with the dilemma of what action they'd take to ensure a financially secure retirement, 70% see individual responsibility as the best way.
Swiss Re's risk perception survey provided people with a list of options to tackle income problems in later life. Paying more into a private pension or savings (29%), cutting back on spending when they reach retirement (22%) or retiring later than planned (19%) are the most popular choices across 19 markets surveyed.
Just 13% say they'd pay more tax to fund public pensions and 5% would rely on their family.
Saving more is the popular choice for the younger generation (aged 15-29) with 32% selecting this option. But for those nearing their retirement (45+), preferences shift to cutting back on spending in later life.
As one runs out of time prior to retirement, perhaps the desire for a more luxurious living standard takes a lower priority. See more at the Risk Window and compare your country: http://riskwindow.swissre.com/risk-window#qst=15;cnt=1;age=20
It appears that most people see themselves as responsible for achieving a financially secure retirement. What are the roles of the private sector and government in making sure this is possible?
Category: Funding longer lives