Retirement Un-Preparedness is a Global Problem, MetLife Survey Shows
June 22, 2008
Significant numbers of full-time workers in developing and mature economies have done little to plan for retirement and many people could outlive their savings, according to new MetLife research.
Two MetLife surveys—the Study of International Employee Benefits Trends (iEBTS) and the sixth-annual U.S. Study of Employee Benefits Trends—found a lack of retirement preparedness worldwide. Nearly half of U.S. employees have not taken any steps to determine their income needs in retirement.
About 58% of Australian workers, 31% of employees in the United Kingdom, 81% of Mexican employees and 80% of Indian workers have done no retirement planning outside of participating in mandatory government plans.
“The widespread lack of independent retirement preparedness is especially worrisome as life expectancies around the globe continue to rise and pension reform puts more responsibility on employees to fund their own retirements,” said William J. Toppeta, president of MetLife International.
The studies found however that many employees wish to receive retirement planning assistance at work. In the U.S., nearly half of the employees surveyed wanted planning assistance, up from 38% the previous year.
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