The Future Of Retirement -Shifting Sands USA Report - HSBC Bank USA
The Future of RetirementShifting sandsUSAReportThe FutureFutureof Retirementof RetirementShiftingShiftingsandssandsPUBLIC
ForewordThe changingretirementlandscapeKey findingsPlanning forretirement ina volatile ageMillennials andretirementPractical stepsThe Future of Retirement Shifting sandsRetirement 2.0The researchPUBLIC2
Key findings52%76%82%of working age people think lowinterest rates mean they will need towork for longerof working age people believe levelsof national debt mean there will beless support for the elderlyof working age people believeretirees will have to spend more onhealthcare costs in the future41%65%37%of working age people think they willbe financially comfortable inretirement, based on how theirretirement saving is progressingof working age people say they willcontinue working to some extent inretirementof working age people thinkproperty offers the best returns forretirement savingThe Future of Retirement Shifting sandsPUBLIC4
Key findings9%2658of people think Millennials are in thebest position for a comfortableretirement, compared to 38% whothink Baby Boomers areis the average age Millennialsstarted saving for retirementis the average age Millennialsexpect to retire57%47%49%of people believe that Millennials areof working age people believe newpaying for the economic consequences technology makes saving forof previous generationsretirement easierThe Future of Retirement Shifting sandsPUBLICof working age people believe newtechnology will help give futureretirees a better standard of living5
The changingretirementlandscapeFutureTheFutureof Retirementof RetirementShiftingShiftingsandssandsPUBLIC6
A new worldWorking age people concerned about declining statepensions/social provisionThe world is changing and retirement is changing with it.Major political, social, economic and technological changesare having a significant impact on how people view theirretirement prospects.Ageing populations and rising national debts are sappingconfidence in the ability of economies around the world tocontinue supporting older people. Overall, 56% of workingage people in the USA are concerned about declining statepensions/social provision and 63% about the growingnumber of older people requiring retirement funding/support.Over three-quarters (76%) of working age people agree thatlevels of national debt mean there will be less support forthe elderly.56%61%55%51%AverageMillennialsGeneration XBaby BoomersQ. To what extent, if at all, are you concerned about the following affecting your retirement?A. Declining state pensions/social provision (Base: Working age people)Working age people who believe state pensions will nolonger exist when they retireMore than three in ten (31%) working age people believestate pensions will no longer exist when they come to retire,and this view is common across some generations(Millennials 32%, Generation X 44%). However BabyBoomers are less likely to hold this view (22%).31%Average32%44%MillennialsGeneration X22%Baby BoomersQ. Do you think state pensions will still exist when you come to retire?A. No (Base: Working age people)The Future of Retirement Shifting sandsPUBLIC7
8A271512319AHealth chequeThe rising cost of healthcare is another important issue.Eighty-two percent of working age people believe thatretirees will have to spend more on healthcare costs in thefuture, and 75% are concerned about being able to fundtheir health care.Thirty percent of working age people worry about theavailability and affordability of healthcare, compared to theglobal average of 25%*.78215A30%of working agepeople worryabout theavailability andaffordability ofhealthcareThe Future of Retirement Shifting sandsPUBLIC*Excludes China and Taiwan1A32199
Planning forretirement ina volatile ageFutureTheFutureof Retirementof RetirementShiftingShiftingsandssandsPUBLIC10
Expecting the worstThe changes in the retirement landscape are forcing peopleto adjust their expectations for retirement. Based on howtheir retirement saving is progressing, only 41% of workingage people think they will be financially comfortable whenretired.Meanwhile, constant change is making it difficult to planahead, with 43% of working age people believing thingschange so much that their retirement plan won't beapplicable by the time they retire. Twenty-one percenthave not started saving for retirement.In light of this, 65% of working age people say they willcontinue working to some extent in retirement. Seventythree percent would be willing to defer their retirement fortwo years or more to have a better retirement income.Forty-six percent would work for longer or get a second jobto sustain their saving for retirement.65%of working agepeople say they willcontinue working tosome extent inretirementThe Future of Retirement Shifting sandsPUBLIC11
Length of retirementOn average, working age people expect to retire at age 61,(global average of 61), and expect to live to age 83 (globalaverage of 81), resulting in a retirement of 22 years,compared to the global average 20.There is little variation between generations’ expectations ofwhen they will retire and how long they will live. Millennialsexpect to retire at age 58, Generation X at 63 and BabyBoomers at 65. Millennials expect to live to age 80, whileGeneration X expect to live to 87 and Baby Boomers 86resulting in expected retirements of 22, 24 and 21 yearsrespectively.The Future of Retirement Shifting sands61is the averageage working agepeople expect toretirePUBLIC12
Funding retirementProperty is viewed as offering the best returns forretirement savingProperty37%In a time of continuing economic volatility, property is viewedas a good way of saving for retirement, with 37% of workingage people thinking it delivers the best returns. Thiscompares to 35% for stock/shares, 33% for cash savings,19% for employer pension schemes, and 16% for personalpension schemes.Stocks and shares35%Cash savings33%This is not yet fully reflected in retirement plans, with only11% of working age people expecting property to help fundtheir retirement. Forty-three percent expect employerpension schemes to be a source of funding, cash savings40%, state/social security 35% and their own income 32%.Employer pension schemes19%Personal pension scheme16%Buying a business11%Government/corporate bonds10%Foreign currency4%The Future of Retirement Shifting sandsQ. Which of the following do you think offers the best returns for retirement saving?(Base: Working age people)13PUBLIC
Risk appetiteWith interest rates at historic lows, 44% of working agepeople think they will need to move their money fromsavings into investments and 33% actively move theirmoney around to get the best return/deal.33%of working agepeople activelymove their moneyaround to get thebest return/dealThere is not a particularly high appetite for risk, with 31% ofworking age people being very willing to make riskyinvestments to ensure their financial stability and 28% beingwilling to risk financial losses.Fifty percent of working age people say they actively seekinformation to guide their financial decisions.The Future of Retirement Shifting sandsPUBLIC1414
Millennials &retirementFutureTheFutureof Retirementof RetirementShiftingShiftingsandssandsPUBLIC15
A perfect stormThe economic challenges facing the Millennial generation(those born between 1980 and 1997) are starkly reflected intheir retirement prospects.Fifty-six percent of people believe that Millennials haveexperienced weaker economic growth than previousgenerations (compared to the global average of 53%), while57% agree that Millennials are paying for the economicconsequences of older generations, such as the globalfinancial crisis and rising national debt. Also, 46% of peoplebelieve that employer pension schemes may go bust or beunable to pay out to Millennials.56%of people think Millennials haveexperienced weaker economicgrowth than previous generationsHowever, 55% of people say that Millennials don’t knowhow good they have it, enjoying a better quality of life thanany generation before them.The Future of Retirement Shifting sandsPUBLIC16
Retirement prospectsExpected length of retirementAverageWhen it comes to retirement, Millennials are seen as lessfortunate than previous generations. Only 9% of peoplethink Millennials are in the best position for a comfortableretirement, compared to 38% who think Baby Boomers are.In terms of life expectancy and retirement planning, 65% ofpeople – and 62% of Millennials themselves – believe theMillennial generation will live much longer and will need tosupport themselves for longer.6183Millennials5880Generation X6387Baby Boomers6586Age expect to retireAge expect to live toQ. What age do you expect to retire? Q. What age do you expect to live to?(Base: Working age people)The Future of Retirement Shifting sandsPUBLIC17
Taking action75%On average, Millennials started saving for retirement at age26. However, 20% of Millennials have not yet started savingfor retirement, compared to 19% of Generation X and 17%of Baby Boomers.of Millennials are preparedto cut back on theirexpenses in orderto saveWith 76% of Millennials concerned about running out ofmoney affecting their retirement, 75% are prepared to cutback on their present expenses in order to save (comparedto the global average of 65%), compared to 72% ofGeneration X and 57% of Baby Boomers. Seventy-threepercent of Millennials see saving as a difficult butnecessary task (Generation X 70%, Baby Boomers 65%).There is some difference across generations in terms offinancial risk aversion. 47% of Millennials are very willing tomake risky investments to ensure their financial stabilitywhich is a higher proportion than Generation X (27%) andBaby Boomers (13%).Sixty- three percent of Millennials actively seek informationto guide their financial decisions, compared to 49% ofGeneration X and 34% of Baby Boomers.The Future of Retirement Shifting sandsPUBLIC18
Defining the generationsBaby BoomersGeneration XMillennialsBorn 1945 to 1965Born 1966 to 1979Born 1980 to 1997WAR D.ENDE1960sUS Civil Rightsmovement1945End of WWII1989Fall of Berlin Wall1960sR KIN GMA RTI N L U THE1953Discoveryof DNA1969Woodstockfestival1957European CommonMarket establishedThe Future of Retirement Shifting sands1969Moon landingPUBLIC1991Launch ofInternet1997First HarryPotter book19
Retirement 2.0FutureTheFutureof Retirementof RetirementShiftingShiftingsandssandsPUBLIC20
Saving time and moneyHow new technologies help people plan for retirementResearched options on the internet31%16%Technology is changing the way people save for retirement.Forty-seven percent of working age people agree that newtechnology makes it easier to save for their retirement.Put money into an online saving account11%People are using new technology in different ways to planfor and manage their retirement.24%Used an online retirement calculator10%24%Used a retirement planning app16%5%Spoke to an adviser online e.g. live chat11%4%1%Received robotic financial advice8%Working age peopleThe Future of Retirement Shifting sandsRetireesQ. What role, if any, has new technology played in helping you plan for yourretirement? (Base: All)PUBLIC21
Stay connectedThe role of technology in retirementHelps me stay connected with family and friendsAdditionally, nearly half (49%) of working age people believethat new technology will help give future retirees a betterstandard of living.Helps me to continue workingPeople are using or think they will use new technologies indifferent ways in retirement.78%77%64%23%Helps me stay active and mobile53%61%Monitors and maintains my health45%Working age people57%RetireesQ. Do you think you will use/are you using any of the following new technologies inyour retirement? (Base: All)The Future of Retirement Shifting sandsPUBLIC22
Practical stepsHere are some important insights and practical actions drawn from the research findings, which mayhelp today’s retirement savers plan a better financial future for themselves.Be realisticabout yourretirementThe Future of Retirement Shifting sandsConsiderdifferentsourcesof fundingPlan for theunexpectedPUBLICTakeadvantage oftechnology23
Practical stepsHere are some important insights and practical actions drawn from the research findings, which mayhelp today’s retirement savers plan a better financial future for themselves.65%of people think Millennialswill live much longer and willneed to support themselvesfor longer. 82% of workingage people believe retireeswill have to spend more onhealthcare costs in thefuture.Considerdifferentsourcesof fundingPlan for theunexpectedTakeadvantage oftechnologyMake sure you are wellprepared for a long andcomfortable retirement bystarting to save earlier andmore. Factor potentialhealthcare costs into yourretirement planning.The Future of Retirement Shifting sandsPUBLIC24
Practical stepsHere are some important insights and practical actions drawn from the research findings, which mayhelp today’s retirement savers plan a better financial future for themselves.Be realisticabout yourretirement44%of working age people thinklow interest rates mean theywill need to move theirmoney from savings intoinvestments. 37% thinkproperty offers the bestreturns for retirement saving.Plan for theunexpectedTakeadvantage oftechnologyBalance your ways of savingand investing for retirementto spread the risk andmaximise the returns. Berealistic about your expectedreturns.The Future of Retirement Shifting sandsPUBLIC25
Practical stepsHere are some important insights and practical actions drawn from the research findings, which mayhelp today’s retirement savers plan a better financial future for themselves.Be realisticabout yourretirement46%Considerdifferentsourcesof fundingof people believe thatemployer pension schemesmay go bust or be unable topay out to Millennials. 45%of working age people wouldgo back to work if theirretirement income could nolonger provide the standardof living they were used to.Takeadvantage oftechnologyUnexpected events canhave a major impact onretirement funding. Includeworst case scenarios whenplanning your retirement andconsider putting protection inplace to help secure yourretirement income.The Future of Retirement Shifting sandsPUBLIC26
Practical stepsHere are some important insights and practical actions drawn from the research findings, which mayhelp today’s retirement savers plan a better financial future for themselves.Be realisticabout yourretirementConsiderdifferentsourcesof fundingPlan for theunexpected21%of people have used anonline retirement calculatorand 14% a retirementplanning app.Embrace new technology tomake planning for yourretirement easier. Onlineplanning tools can help youunderstand your retirementfunding needs and trackprogress towards your goals.Seek professional financialadvice if you need help.The Future of Retirement Shifting sandsPUBLIC27
The researchThe Future of Retirement is a worldleading independent research studyinto global retirement trends,commissioned by HSBC. It providesauthoritative insights into the keyissues associated with ageingpopulations and increasing lifeexpectancy around the world.This report, Shifting sands, is thefourteenth in the series andrepresents the views of 18,414people in 16 countries andterritories.Since The Future of Retirementprogramme began in 2005, morethan 177,000 people have beensurveyed worldwide.SurveyThe Future of Retirement Shifting sandsAbout HSBCPUBLICLegalCopyright28
The researchThe Future of Retirement is a worldleading independent research studyinto global retirement trends,commissioned by HSBC. It providesauthoritative insights into the keyissues associated with ageingpopulations and increasing lifeexpectancy around the world.This report, Shifting sands, is thefourteenth in the series andrepresents the views of 18,414people in 16 countries andterritories.The findings are based ona representative sample ofpeople of working age(21 ) and in retirement, ineach country or territory.The research wasconducted online by IpsosMORI between November2016 and January 2017,with additional face-to-faceinterviews in Egypt and theUAE.Since The Future of Retirementprogramme began in 2005, morethan 177,000 people have beensurveyed worldwide.The 16 countries andterritories aliaCanadaChinaEgyptFranceHong ted Arab EmiratesUnited KingdomUnited StatesThis country reportrepresents the views of1,287 people in the USARetirees are people whoare semi or fully retired.Working age people arethose who have yet to semior fully retire.Figures have been roundedto the nearest wholenumber.SurveyThe Future of Retirement Shifting sandsPUBLIC29
The researchThe Future of Retirement is a worldleading independent research studyinto global retirement trends,commissioned by HSBC. It providesauthoritative insights into the keyissues associated with ageingpopulations and increasing lifeexpectancy around the world.This report, Shifting sands, is thefourteenth in the series andrepresents the views of 18,414people in 16 countries andterritories.Since The Future of Retirementprogramme began in 2005, morethan 177,000 people have beensurveyed worldwide.HSBC Holdings plc, the parentcompany of the HSBC Group, isheadquartered in London. TheGroup serves customersworldwide from around 4,000offices in 70 countries andterritories in Europe, Asia, Northand Latin America, and theMiddle East and North Africa.With assets of US 2,375bn at 31December 2016, HSBC is one ofthe world's largest banking andfinancial services organisations.About HSBCThe Future of Retirement Shifting sandsPUBLIC30
The researchThe Future of Retirement is a worldleading independent research studyinto global retirement trends,commissioned by HSBC. It providesauthoritative insights into the keyissues associated with ageingpopulations and increasing lifeexpectancy around the world.This report, Shifting sands, is thefourteenth in the series andrepresents the views of 18,414people in 16 countries andterritories.Information and/or opinionsprovided within this reportconstitute research informationonly and do not constitute anoffer to sell, or solicitation of anoffer to buy any financialservices and/or products, orany advice or recommendationwith respect to such financialservices and/or products.Since The Future of Retirementprogramme began in 2005, morethan 177,000 people have beensurveyed worldwide.LegalThe Future of Retirement Shifting sandsPUBLIC31
The researchThe Future of Retirement is a worldleading independent research studyinto global retirement trends,commissioned by HSBC. It providesauthoritative insights into the keyissues associated with ageingpopulations and increasing lifeexpectancy around the world.This report, Shifting sands, is thefourteenth in the series andrepresents the views of 18,414people in 16 countries andterritories.Since The Future of Retirementprogramme began in 2005, morethan 177,000 people have beensurveyed worldwide. HSBC Holdings plc 2017All rights reserved.Excerpts from this report may be used or quoted, providedthey are accompanied by the following attribution:‘Reproduced with permission from The Future of RetirementShifting sands, published in 2017 by HSBC Holdings plc.’HSBC is a trademark of HSBC Holdings plc and all rights inand to HSBC vest in HSBC Holdings plc. Other than asprovided above, you may not use or reproduce the HSBCtrademark, logo or brand name.Published by HSBC Holdings plc, Londonwww.hsbc.com Retail Banking and Wealth ManagementHSBC Holdings plc8 Canada Square, London E14 5HQCopyrightThe Future of Retirement Shifting sandsPUBLIC32
The Future of Retirement 21. Shifting sands . Researched options on the internet 31% 16% Put money into an online saving account 24% 11% Used an online retirement calculator 24% 10% Used a retirement planning app 16% 5% Spoke to an adviser online e.g. live chat 11% 4% Received robotic financial advice 8% 1% . Working age people Retirees
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Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. Crawford M., Marsh D. The driving force : food in human evolution and the future.
Le genou de Lucy. Odile Jacob. 1999. Coppens Y. Pré-textes. L’homme préhistorique en morceaux. Eds Odile Jacob. 2011. Costentin J., Delaveau P. Café, thé, chocolat, les bons effets sur le cerveau et pour le corps. Editions Odile Jacob. 2010. 3 Crawford M., Marsh D. The driving force : food in human evolution and the future.
