Lack of Retirement Funds “Greatest Worry” For 44% Of Respondents, Study Finds

Not having enough money for retirement was cited as the chief concern for the majority of respondents according to a survey conducted by Habib Bank AG Zurich.

The study, titled “People Protection: Insights on Empowering an Agile Workforce” surveyed 18,000 people in 16 countries on their attitudes and fears towards money in an age after the global financial crisis.

Aside from people’s primary concern of not having enough money for retirement, not having enough money to pay for monthly bills came in at a close second with 27 percent of people stating it was their greatest concern.

The issue of not having funds for retirement was most notable in the aging population. 59 percent of people aged 55 to 70 said it was their main issue, which Zurich describes as “not surprising.” The bank reported that nearly a third of US workers do not have a retirement or savings to last them through their final years.

Despite retirement being classified as a key concern for older people, retirement was also on younger people’s minds with 32 percent citing it as a problem.

In response to the findings of this survey, Zurich states that companies can attract talent by offering a more flexible approach with their benefits.

“Paying bills in an age of economic turmoil is no longer the chief concern,” Fröscher says. “Employers could use this to differentiate themselves by offering attractive savings and investment options and by providing advice for workers in achieving their individual goals.”

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