Americans lead the world in saving for retirement but are not as confident as workers in other nations that their pensions are safe.
The average U.S. worker saves $696 a month for retirement, according to researchers at AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris. That is more than twice the amount saved by workers in Germany, Italy and France, and nearly 10 times the amount saved by the average worker in China.
AXA’s 3rd annual retirement study found that 80% of Americans surveyed have already started saving for retirement.
Out of 6,900 respondents in 11 countries surveyed, U.S. retirees were found to be the happiest, to travel the most, to earn the most, to have the highest incidence of home ownership and to believe they have the best financial situation, AXA researchers report.
Americans begin saving at 30 years old, on average, the survey found. Most do not see old age occurring until age 81, up from 79 in last year’s survey. Most retirees started their retirement at age 58.