The HSBC Group has published an international study which examines people’s expectations for their retirement. The study, conducted in 10 different countries, with different age profiles and different levels of economic development, has produced some thought-provoking conclusions. The study, called The Future Of Retirement, not only examines expectations for retirement but also attitudes to old age across different cultures.

In his introduction to the report, HSBC Group chairman Sir John Bond comments on the fact that for the past decade the pensions debate has been almost entirely focused on the issue of funding and legislation. “Yet little has been said about what we, as individuals, want from later life,” notes Sir John.

The report reaches five conclusions. These are: that later life is increasingly seen as a time of opportunity and reinvention, rather than of rest and relaxation; that ageism is common in large parts of the world but that many people have very positive attitudes to older people and to their own later years; that, throughout the world, people believe that employees should be able to continue working to any age and that they consider that age-based restrictions on retirement hinder active life in later years; that countries vary greatly in how prepared they are for demographic changes and that everyone, employers, governments, financial services providers and individuals could do more to adapt; and that future generations of older people may not receive the care and financial support they expect from their families and that people consider it increasingly important to be self–reliant in later life.

The report, which sampled 11,453 adults aged 18 and over in the UK, the USA, France, Brazil, Mexico, Hong Kong, Canada, Japan, India and China, reached these conclusions on the basis of four central questions. These were: “Will traditional retirement patterns persist, or will they be replaced by new models?”; “How do different cultures perceive older people, and how positive are they about ageing and retirement?”; “What roles do people expect governments, employers and individuals to play in planning and funding retirement?” and “How is the role of the family changing, and will older people be able to rely on family support?”

“HSBC is present in 77 countries and is well placed around the world to examine the global retirement issue. United Nations research has shown that by 2050, one in five people on the planet will be aged over 60. This compares to one in twelve in 1950. While the issues of funding and legislation are crucial, we must not neglect asking those who will be directly affected by these changes what it is they want from their retirement and how they expect it to be delivered. Only by knowing people’s expectations can politicians and financial services providers, like HSBC, deliver the right solutions,” said HSBC Bank Malta chief executive officer Shaun Wallis.

“This report provides good background information for everyone involved in this debate in Malta,” he said.

The full text of The Future of Retirement can be downloaded from the website www.hsbc.com