By Adam Cadle
Only 15 per cent of people are confident that they will receive their required level of income in retirement according to Aegon Global Pensions.
In its Retirement Readiness survey entitled The Changing Face of Retirement which showed statistics from 9,000 respondents across eight European countries and the US, Aegon stated that the current economic crisis has pushed more of the responsibility for saving onto the individual. The survey also revealed that 71 per cent who are still working believe that future generations will be worse-off in retirement than current retirees.
Whilst the majority of respondents said that increased taxes and reduced benefits were vital in ensuring the sustainability of government sponsored pension schemes, almost 50 per cent stated that they do not agree with increased retirement ages.
Aegon chief executive officer Alex Wynaendts said: “People in general are enjoying longer, healthier lives, and yet their readiness for a longer retirement is considerably less than that of previous generations of retirees.
“If current pension systems are not adapted to the new realities of longer life spans and declining government and employer funding, the burdens placed on society will be a source of even greater economic and societal turmoil in the future,” Wynaendts added.