The FINANCIAL — Reflecting a global economy in which many nations and employers can no longer provide guaranteed retirement incomes, a new GfK study suggests that 52 percent of Americans have doubts about their ability to afford the life they want during retirement.
In an August 2015 survey conducted online by GfK, over 23,000 people in 19 countries were asked how strongly they agree or disagree with the statement “I am confident that I will have enough money to live the life I want when I retire.” Globally, the countries surveyed echo feelings in the United States, with 54% of respondents worldwide uncertain about or concerned with the state of their retirement finances. (These respondents answered that they disagreed “strongly” or “somewhat” with the statement, or said they “neither agree nor disagree.”)
Consumers in Japan, Poland and France expressed the greatest levels of concern, with 74%, 68% and 68% (respectively) saying they are either uncertain or not confident about their retirements. Alternatively, respondents in China (48%) and Spain (45%) were least likely to express doubt or concern about their retirement funding.
Women worried about retirement
The results show that US women are much more uncertain or pessimistic about their retirement finances, with 60% saying they are unsure or not confident, compared to 41% of US men. This disparity is much more extreme than GfK found across all 19 countries measured; globally, 57% of women were pessimistic, versus 52% of men.
Older age groups in the US are more likely to say they not sure or lack confidence in being able to afford their ideal retirement. Almost six in ten of the 40-to-49 (55%) and 50-to-59 (58%) age segments in the US are not fully confident they will have the funds they need, followed by the 30-to-39 contingent (49%) and the 60+ age group (45%). These results are roughly in line with the global averages in GfK’s study.
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