Who do you think is better equipped to handle your retirement needs? Governments? The private sector? Your own self?
According to HSBC’s global survey of more than 20,000 people on aging, pensions, and citizens’ confidence in governments providing comfortable retirement
three quarters of all those questioned said they did not trust their government to look after them in old age and expected to have to look elsewhere to fund their retirement.
Some interesting stats and facts in the full report, including a statement that
A larger proportion [of the global population] will be totally unprotected in retirement and these live mainly in Eastern Europe, Asia, Africa and Latin America. They are likely to be both men and women, in poor health, with a poor source of working life income and more reliant on families and communities for support.
It seems like citizens don’t expect governments to meet their expectations of comfortable retirement:
…across the majority of economies, the proportion who think that their government will bear most of the financial cost of supporting them in retirement is far smaller than those who believe that they should.
Published Date: May 16, 2008