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.