Each day 7,918 baby boomers turn 60 in the United States. Born between 1946 and 1964, these soon-to-be retirees are joined by those in Japan and the United Kingdom, where the demographics and the anxieties are similar.
An international survey sponsored by The Hartford Financial Services Group, Inc. was conducted in the U.S., U.K., and Japan to compare the overall level of confidence that baby boomers and the older population in general have about being financially prepared for retirement. The survey showed that 7 in 10 people in the U.S. and the U.K. are at least somewhat concerned about retirement. These concerns skyrocketed in Japan, where 9 out of 10 say they have at least some concerns.
Results also suggest that consumers need to be better educated about retirement planning issues. “The Hartford’s survey shows that, when it comes to retirement planning, many people living in the world’s most advanced economies struggle with preparing for retirement,” said Liz Zlatkus, The Hartford’s president of international wealth management and group benefits, in a statement.