25, 2012 (PLANSPONSOR.com) - Only about one in six people (16%) worldwide is confident
their current level of savings is sufficient to cover their financial needs
after retirement, a survey found.
Accenture found more than half of respondents do not know how
to prepare for retirement, while nearly half turn to friends and family for
retirement advice before life insurers and banks.
More than four out of five people (82%) are concerned about
their financial situation after retirement and almost nine in 10 (89%)
say it is important to start saving now.
The survey also reveals that more than half (53%) of the
respondents believe they lack the necessary information to prepare for
retirement and the financial capacity (57%) to invest in private
While a large majority (93%) recognize that they will need
to rely partly or wholly on their personal savings to cover their
post-retirement financial needs, more than two-thirds (67%) do not know how much
they need to save to guarantee their standard of living in retirement.
Less than one-third
(29%) have private investments aimed specifically at addressing their
retirement needs (in addition to any employer or public pension funds from
which they may benefit).
"The strong common global concerns about
post-retirement financial security are alarming," said Mark A. Halverson,
a managing director in Accenture's Financial Services group. "In the
current economic environment, people are increasingly worried about their
financial future. They are willing to save money but have limited financial
knowledge and limited saving abilities to actually do so. These findings reveal
a major unmet demand for retirement planning that industry professionals can