There is widespread pessimism about the future state of retirement, according to a new report.
AEGON, The Hague Netherlands, published this finding in a summary of results from a survey of 9,000 people in the U.S. and eight European countries, including respondents in France, Germany, Hungary, the Netherlands, Poland, Spain, Sweden and the U.K. AEGON developed the survey in collaboration with the Transamerica Center for Retirement Studies, a U.S.-based private foundation; and Cicero Consulting, a public policy and communications consulting firm.
More than seven in 10 of the survey respondents (71%) still working believe that future generations will be worse-off in retirement than are current retirees. The finding, the study reveals, reverses the long-established notion that each subsequent generation will enjoy a higher standard of living than the last.More than two-thirds of the respondents accept that they bear principal responsibility for their retirement security.
However, only 15% are confident that they are on course to achieve the retirement income they need. This finding is also reflected in the AEGON Retirement Readiness Index, which the company developed to measure retirement in the various countries represented in the report.