U.S. workers toil an average of 35 years, a full 5 years longer than their global counterparts. And it’s not simply because Americans are more industrious by nature. “It reflects a higher level of awareness around the cost of retirement and less dependence on government pensions,” said Michael Schweitzer, global head of sales and distribution at HSBC . According to HSBC’s “Future of Retirement” study, younger generations expect saving for retirement to take longer than their retired counterparts. Americans preparing for retirement, for example, expect to save seven years longer than current American retirees did. The study, which tapped into the views of 18,207 people in 17 countries, revealed that 44% of American pre-retirees wish they started saving earlier. And while 86% of working people have started saving for retirement, 35% of those have either stopped or faced difficulties saving. Meanwhile, the study showed that 14% of pre-retirees have not started saving for their retirement. And while those closer to retirement are more likely to have started saving for retirement, 12% of people in their 50s have still not started saving. “People are afraid to confront their financial realities,” said Schweitzer.
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