These are some of the findings of a Financial Times/Harris Poll
conducted online by Harris Interactive(R) among a total of 6,332 adults aged
16-64 within France, Germany, Great Britain, Spain, and the United States and
adults aged 18-64 in Italy between April 29 and May 6, 2009.
Looking at what people will rely on for income during retirement,
three-quarters of Spaniards (74%) and majorities of German (59%), French (56%)
and Italian adults (52%) will rely on the state pensions. Two in five British
adults (39%) will rely on their private pensions while one-third (32%) will
rely on the state pension. Americans are more divided as one-third will rely
on social security (32%), one-third will rely on private pensions (32%) and
26% will rely on other investments.
One question is who should be responsible for providing a secure
income for individuals during retirement. Seven in ten Spaniards (69%) and 51%
of Italians say the state/government should have the main responsibility. Majorities
of Americans (54%), French (53%), and half of British adults (50%) as well as
a plurality of Germans (46%) believe that the state, employers and individuals
should all have equal responsibility for providing a secure income during retirement.
Two possible ways of boosting pensions would be to pay higher
taxes and/or for people to accept lower pay now. Strong majorities (between
73% and 89%) in all six countries are opposed to the idea of paying higher taxes
and even stronger majorities (between 78% and 92%) are opposed to the idea of
having less pay in order to receive a bigger pension when they retire.
There is a level of concern among people when it comes to their
retirement and the robustness of income during that time. Three in five Americans
(59%) say, compared to 12 months ago, they are more concerned about the robustness
of their income as do half of Spanish (50%), French (50%) and Italian (49%)
adults as well as 47% of British adults. Over half of Germans (54%) say they
have the same level of concern as a year ago on this while 38% are more concerned.
So What?
The dream of a retirement at 65 (or earlier) with no concerns
over money is long gone for many people world-wide. Some of this started even
before the current global economic crisis, but that has just deepened the concern
for many who are beginning to think about ending the daily grind of going into
an office or job. While there is a shared responsibility for providing a secure
retirement income the government is looked to in countries as the entity mainly
responsible for this. As more doubt the government's ability to provide for
them, whether through state pensions or social security, the need for solutions
will grow. If none are provided, concern may turn into anger.
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