U.S. workers claim to think more about future finances and less about fun and games than workers in 10 other large, wealthy markets do.
Researchers at AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris, have published data supporting those findings in a summary of results from a recent survey of 360 U.S. residents ages to 25 to 65 and 3,651 workers in the 25-65 age range in Australia, Belgium, France, Germany, Hong Kong, Italy, Japan, Spain, Switzerland and the United Kingdom.
When researchers hired by AXA Equitable interviewed the participants, they asked the participants to rate how much they care about various aspects of life on a scale of 1 to 10.
U.S. participants came in first in terms of the importance they place on the “financial situation of your retirement.
U.S. participants gave an 8.7 importance rating to that aspect of life, compared with a world average of 8.1.
The next most retirement-minded participants, the Italians, gave retirement financial situation an 8.6 rating.
When the researchers asked about the importance of “indulging yourself,” U.S. participants rated that consideration a 5.1 rating, compared with a world average of 6.9. The participants who were next least likely to celebrate having fun were U.K. residents.
Participants in Japan, a country with a reputation for taking a serious approach to retirement savings, gave “indulging yourself” an importance rating of 7.4.
Other survey findings:
- U.S. residents were the most likely to say they get regular checkups, and Swiss residents were the least likely to say they get regular checkups.
- Only the Germans said they were more likely than the U.S. participants to think about all life risks, such as death, disability and severe financial hardship frequently or occasionally.
- U.S. participants were less like to face an insurance protection gap than most other participants, but the average estimated gap for those with a gap was about $180,000, according to the survey research team’s calculations.