Over 40% in Singapore, HK, UAE still not saving for retirement

Added 13th July 2016

Over 40% of employees of working age in Singapore, Hong Kong and the United Arab Emirates (UAE) have not yet started saving for their retirement or have stopped after facing difficulties, new research suggests.

Over 40% in Singapore, HK, UAE still not saving for retirement

The long-running study, conducted by Ipsos Mori on behalf of HSBC, questioned 18,000 people across 17 countries including the UK, Singapore, Hong Kong and the UAE.

In the UK, around 36% of working age people have not yet started saving into their pensions, while in Argentina the figure is at 65% and Taiwan 54%.

Work for longer

The research also found that British people can now expect to save for seven years longer than those already retired.

Britons now expect to save for a period of 30 years before they retire, compared to the current generation of pensioners who saved for only 23 years, according to HSBC’s Future of Retirement survey.

On average, pre-retirees in the UK expect to work until they are 63, compared to 59 for current pensioners. They are also starting their saving earlier, at 26 compared to 29.  

Receiving advice

Meanwhile, just 30% of people of working age in the UK have consulted a financial adviser about their retirement plans while 40% have never received advice or information about their pensions.

Those in their 40s are least likely to have received professional pensions advice, while 41% of pensioners have sought out professional financial advice.

Caroline Connellan, HSBC’s head of UK Premier and Wealth, said: “The financial landscape is constantly changing. Starting to save early can make a real difference later in life.

“Seeking retirement information and personalised advice from professionals is important to help plan for your future.”

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Monira Matin

Senior Reporter

Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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