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According to a report by the World Economic Forum (WEF), 44% of people under the age of 40 would like to retire before the age of 60. However, the report highlights that there is a significant gap between this aspiration and the reality of retirement planning. The World Economic Forum stresses that early retirement can exacerbate the savings gap and negatively affect retirement incomes, both on an individual and macroeconomic level. CNBC.
Several countries have already raised the state retirement age due to concerns about insufficient savings and the sustainability of pension funding as life expectancy increases.
When analyzing the entire data set, 40% of respondents in each age group indicated that they would like to continue working after age 65. The report was compiled by interviewing more than 350 people in every country around the world and provides insight into attitudes towards retirement.
The survey reveals that 55% of respondents feel they do not have enough savings for retirement or are unsure of their financial readiness. In addition, 37% of people under the age of 40 don’t think about how much money they will need in retirement.
Although the respondents indicated that they would be satisfied with a lower income in retirement compared to their current salary, there is a fundamental difference between the desired income level and the planned retirement income. According to the WEF, working longer, saving more, accepting lower retirement income and taking a riskier approach to investing can help bridge this gap. But the report stresses the need for caution, as each approach has economic, social and political consequences.
The report also highlights the financial concerns of the younger generations: 45% of respondents under the age of 40 believe they will have to provide financial support to the older generations.
This finding suggests that the trend towards dependence on parental financial support, often referred to as ‘mother and father’s bank’, may be reversal. Regional differences also emerge from the report: compared to Europeans (28%), more people in North America (38%) expect financial support for their seniors. It also highlights the potential impact of caregiving on the financial stability of respondents, as two-thirds of respondents expect to have to care for elderly family members.
Cover photo: Shutterstock.
