The third annual survey is part of AXA Equitable's continued effort to enhance its understanding of the issues, perceptions, concerns and wishes surrounding retirement, for the ongoing development of innovative financial and retirement planning services. Both workers and retirees were surveyed about their financial preparations, quality of life and views on retirement.
Other key findings from U.S. respondents include:
- Middle-income workers retire early. Workers with mid-level salaries are more likely to be forced into early retirement by their employer, as one-quarter of middle-income retirees were forced to do.
- The Internet is going gray. Retired people in the U.S. spend 9 hours per week at home online, a full hour more than working Americans and more than all retirees in the 10 other countries surveyed.
- The age people expect to retire is increasing. Working people surveyed said they expect to retire at age 64, versus age 62 in last year's survey.
- U.S. pensions are seen as shaky. While people in Hong Kong, China and Spain are bullish on their country's pension system - nearly 90 percent of Chinese believe in the current system -- one-third of the U.S. population under age 50 doesn't think our current system will be around when they reach age 75.
Social Security is in trouble, say 95 percent of working Americans; 86 percent of retirees agree. It's seen as in a crisis by more than 20 percent of people under age 65. A full 77 percent of low-income retirees said they rely on Social Security as a major income source.
More than half (54 percent) of Americans see retirement reform happening in the next decade. Ninety percent of current retirees believe the retirement age will increase, and nearly three-quarters of workers think public pension benefits will be reduced, as a result of reforms.
"Overall, our survey findings suggest that Americans are confident -- but realistic -- about the financial outlook for retirement," said Ken Gelman, Vice President and Director of Market Research for New York-based AXA Equitable. "They expressed a fair amount of optimism about their incomes and living standards in retirement, but also realize they have to work longer and understand that much preparation and planning are necessary to achieve their goals."
Gelman added, "Retirement is becoming a reality for a rapidly increasing number of Americans. The more we know about their perceptions, the better equipped we are to help them approach this life chapter with confidence, leveraging opportunities for managing, growing and protecting their assets. The AXA Equitable Retirement Scope illustrates that Americans are acutely aware of the need for intense preparation and it supports our strategy to provide advice and solutions to secure their financial well-being."
Research firm GFK Sofema managed the survey globally for the AXA Group. Local firms fielded the questions in each country during August 2006. Nielsen Entertainment conducted the survey by telephone in the U.S.
A total of 6,915 people between 25 and 75 years old were interviewed in: Australia, Canada, China, France, Germany, Hong Kong, Japan, Italy, Spain, the United Kingdom and the United States. The main sample from the U.S. included 840 people, 421 of whom were working and 419 were retired. To access the entire survey conducted by AXA Equitable, go to www.axaonline.com
