The economic crisis – now also a deep retirement crisis – has rippled to three other major countries and probably many more. New research from TNS, a global market information and insight group, shows 32 percent of all boomers in the U.S., UK, France and Germany are expected to delay retirement.
Germany reports less dire predictions as only 13 percent say they will have to retire later.
Younger boomers across all four countries are most impacted, according to the research, as older boomers have fewer options for retirement rescheduling.
“This research shows the immediate impact of the economic recession on retirement plans and employment patterns,” said Bob Neuhaus, EVP Finance, TNS North America, in a prepared statement. “The different consumer segments are experiencing different levels of shock, so provider’s approach to retirement products needs to be recalibrated to fit their different experiences.”
Delayed retirement also means more employment competition. The study revealed about a quarter of those surveyed fear they are at risk of losing their job. Respondents across the four countries also expect this global crisis to play out for at least another one to two years or longer.
“As the global financial crisis impacts so much of our daily lives, it is hard to see any positives,” said Neuhaus. “However, people are accepting that the intensity of the crisis will drive regulatory change. The vast majority of people believe that the current economic problems will prompt a positive move towards stricter government regulation of financial institutions and prompt changes that will bring about more sensible personal banking.”