Britons Would Rather Spare Cash on Holidays than Retirement, says HSBC

According to a survey done by banking group, HSBC, more than half of UK workers prefer to splurge on a holiday than to save cash for their retirement. Read on to find out more about the survey results.

london, United Kingdom (prHWY.com) March 1, 2013 - UK - According to a survey released by the banking group, The Hongkong and Shanghai Banking Corporation, on Wednesday, more than half of UK workers prefer to spend their spare cash on holidays than to save it for retirement.

The report, aptly named "The Future of Retirement," showed that if Britons could afford to save enough for either a holiday or retirement, some 58 per cent of them would not choose the latter. This figure is said to be higher than that of other countries surveyed by the bank.

Among all the workers surveyed in the UK, only 38 per cent of them were regularly putting aside money for their retirement. This was based on the date gathered from more than 15,000 people in 15 countries.

Out of the 15 countries, those that showed a high percentage of retirement savers include Taiwan with 67 per cent and India with 62 per cent. Only Egypt has a lower percentage of 29 per cent than Britain.

The HSBC report also mentioned the data gathered by the United Nations, showing that the number of people aged over 60 would be equal to those who are aged 15 and below by 2050. This would equate to retirees making up 20 per cent of the world population by then.

HSBC' head of wealth management, Simon Williams, stated, "People are living longer, through tougher economic times, but expectations about their standard of living in retirement remain unchanged. As a result, millions of people around the world are facing years of hardship after their savings run out."

In addition, the HSBC report showed that almost half of the workers surveyed in the UK have never saved for their retirement fund.

The British government is currently trying to address this issue on pension savings with a so-called "auto-enrolment" scheme in order to encourage more people to start funding their workplace pension.

The 15 countries surveyed in the regularly published HSBC report include the United Kingdom, United States, United Arab Emirates, Taiwan, Singapore, Mexico, Malaysia, India, France, Hong Kong, Egypt, Australia, Brazil, Canada, and China.

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