Out of all the things in the world, saving for retirement is very low on the list. In a report released by HSBC – The future of retirement- Bridging the Gap, only 33% of people in the entire population are saving up money for their retirement.
One of the main reason for this is that people do not find the need to think so far away and their immediate expenses are what makes up the priority right now.
The research was carried out among 16,000 adults in 16 markets. It revealed that only 19% of the people are saving up for future nursing or home care needs. It also revealed that only 56% of the people saved for even the short term goals and the rest of the population loved on a day to day basis. The mentality of half of the population is to enjoy rather than save money.
Also, the report showed that people knew the cost of retirement and how much money they needed but they assumed that they will eventually start out a basis or have some other source of income for it. Most of the working age youths are looking for freedom from jobs, taking up new hobbies and getting fit.