A new study released by HSBC has revealed that people in the West are lagging behind their Eastern counterparts when it comes to retirement planning.
According to the report, The Future of Retirement: The Power of Planning, Westerners are currently in a poor state with regards to financial and retirement planning, which is a stark contrast to people in the east.
According to the results of the survey 48 percent of working UK adults expect to be worse off come retirement than their parents, however in China this number is just 13 percent.
A spokesman for HSBC said: “A significant shift in retirement wealth, expectations and outlook is taking place around the world, with the traditional East versus West situation no longer the reality. Unless Westerners take a leaf from the book of their Asian peers, and start to be accountable for their own futures, sadly many will find their fears of financial hardship in later life come true.”
Retirement planning is vital to creating a stable future, not just for yourself but also for your loved ones. Learn more about how retirement planning in our Pensions and Retirement Planning section, or speak with a recommended financial advisor.