Eighty-one percent of working-age people said that saving for retirement is not their main priority, according to HSBC’s latest annual The Future of Retirement survey.
According to the survey report, the global economic downturn has had the greatest impact on pre-retirees’ ability to save for retirement. Thirty percent of those surveyed said the global slowdown has had a direct effect on their ability to save; 27% of said becoming unemployed has affected their ability to save for retirement; and 27% cited mortgage obligations as an impediment to saving for retirement.
Shockingly, one-quarter of all pre-retirees said they are not currently -- or do not intend to start -- saving specifically for retirement. And 20% of those nearing retirement (ages 45 and older) indicated they are not now saving and do not intend to save for retirement.