The U.S. leads in saving for retirement, but trails several other industrialized countries in terms of perceived pension security, according to a survey by AXA Equitable, a division of AXA Group.
The study found American workers save an average $696 a month for retirement, more than double the amount saved by workers in Germany, Italy and France, and nearly 10 times the amount saved by workers in China. Roughly 80% of working Americans surveyed have started saving for retirement.
People in Hong Kong, China and Spain have more confidence in their pension systems, while roughly one-third of the U.S. respondents younger than age 50 said they do not think the current system will be around when they reach age 75. Seventy-five percent of Americans surveyed see retirement reform happening in the next decade.
Ken Gelman, vice president and director of market research for AXA Equitable Life Insurance, said in an interview that the relative uncertainty about the pension system might drive Americans to begin saving earlier and in greater amounts.
The survey polled 6,915 people between 25 and 75 years old in Australia, Canada, China, France, Germany, Hong Kong, Japan, Italy, Spain, the U.K. and the U.S. in August.