Better times
are ahead for US insurers on the retirement savings front, says
Consumer
Attitudes to Savings, a study by UK insurer
Aviva.
Aviva USA president and CEO
Chris Littlefield said: “There is evidence more Americans are
taking action to do something about their retirement worries. It is
clear more Americans are prepared to work beyond the normal
retirement age and plan to continue to save more for
retirement.”
Go deeper with GlobalData
Based on results of a
consumer survey in 10 countries, Aviva found Americans are more
engaged when it come to increasing retirement savings and reviewing
retirement plans.
Aviva’s study covered
consumers in the UK, France, Italy, Spain, Poland, Ireland, America
China, India and Singapore.
Some 44% of Americans
reviewed their retirement/pension plans over the past 12 months,
the highest%age among the 10 countries
Aviva’s study also found that
35% of Americans plan to put more money into retirement savings in
the next 12 months – the highest response of any of the 10
countries surveyed and significantly higher than the 22% median
positive response.
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By GlobalDataRespondents in Spain (29%)
and China (28%) were the only countries besides the US where
positive responses to the question about putting additional money
aside for retirement in the next 12 months topped 25%.
The reason for increased
interest among American’s in their retirement security is simple:
Two thirds (62%) of Americans who have not yet retired do not think
they will have enough money to have an adequate standard of living
when they retire.
Many Americans, it seems,
have also come to terms with the need to work longer.
When asked to comment on the
statement, “I think I am going to have to work beyond the normal
retirement date to fund my retirement”, 57% of Americans
agreed.
This was the highest%age of
agreement among all the countries surveyed, and 10%age points
higher than the composite response of 47% agreement.
Only 15% of Americans disagreed with the statement – the
lowest disagreement response rate among the 10 countries
surveyed.
