According to an HSBC research, which was carried out in countries such as Argentina, Australia. India, China, Canada, Malaysia. Indonesia, Turkey, Singapore, Taiwan, France, USA, UK and UAE, only 33% of earning individuals in the aforementioned markets save for retirement. Commenting on this alarmingly low number of people who are focused on saving for their retirement years, HSBC said that earning individuals just lack knowledge and prioritisation when it comes to saving for their retirement years. Wealth manager of HSBC, Ramakrishnan S, said there are numerous financial implications in one’s retirement years, and saving for the future should be a priority.
As per the report of HSBC, it added that just 19% of individuals are putting aside money for future nursing fees in their retirement years. A contributor to the poor statistic of the working-age people saving for their future is that apparently, according to the report, 56% are bothered about living on a day-to-day basis and 53% are focused on short-term goals. The report showed that 69% of the working-age people do not consider retirement and 54% will look to start a new business instead in their retirement years.
Source: Economic Times