Post on 25-Dec-2015
« AXA Retirement Scope » – January 2005 - 1
AXA Retirement Scope A global survey on life, work and retirementAXA Retirement Scope A global survey on life, work and retirement
Results for the U.S., with international comparisons
« AXA Retirement Scope » – January 2005 - 2
Summary
1 : IntroductionObjectives p.3Methodology p.4
2 : AnalysisHow do people see retirement? What are the activities of retirees? p.10How do people prepare for retirement? p.48Are people happy? p.70
Use of technology, progress, holidays, other topics p.75
3 : Conclusions p.92
« AXA Retirement Scope » – January 2005 - 3
Introduction: AXA Retirement Scope Objectives
Explore and understand the attitudes towards retirement.
Compare retirement perceptions and reality: from working and retired people.
Analyze the results for U.S. from an international point of view.
A major benchmark study on retirement
« AXA Retirement Scope » – January 2005 - 4
Geographical coverage: a total of 9,200 people interviewed in 15 countries.
Arial 14
Arial 14United States
Canada
Portugal
SpainFrance
UK
Italy
New Zealand
Australia
Japan
Hong Kong
Germany
Netherlands
Belgium
Singapore
AXA Retirement Scope Methodology
Base : n=300 working, n=300 retiredSpecifically for the US: n=403 working, n=410 retired
« AXA Retirement Scope » – January 2005 - 5
American sample structure:
403 working people over 25 years old / 410 recently retired and retired people less than 75 years old.
Sample representative of the two populations for criteria on age, gender, region and occupation of the head of household.
Telephone interviews carried out by AC Nielsen
Questionnaire: 20 minutes
Fieldwork dates: October 11 – November 7, 2004
Methodology
« AXA Retirement Scope » – January 2005 - 6
Sample (1/4)Gender & Age
Base : n=403 working, n=410 retired
Working Retired
Gender (in %)
Male 54 53
Female 46 47
Age (in %)
25-34 years old 26 0
35-44 years old 30 2
45-54 years old 27 8
55-64 years old 14 22
65-69 years old 2 36
70-74 years old 1 32
« AXA Retirement Scope » – January 2005 - 7
Working Retired
Regions (in %)
Northeast 19 19
South 35 34
Midwest 23 25
West 23 22
Sample (2/4)Regions
Base : n=403 working, n=410 retired
« AXA Retirement Scope » – January 2005 - 8
Working Retired
Occupation of the head of household (in %)
Management, professional, and related fields 34 36
Service occupations 17 24
Sales or office occupations 23 12
Natural resources, construction, or maintenance 12 17
Production, transportation, or shipping 14 11
Sample (3/4)Occupation of the head of household
Base : n=403 working, n=410 retired
« AXA Retirement Scope » – January 2005 - 9
Working RetiredFamily situation (in %)Married 73 64
Divorced 11 12
Single 15 6Widowed 1 18Children (in %)Have children 75 87Don’t have children 25 13Grandchildren (in %)Have grandchildren 25 78Don’t have grandchildren 75 22Tenant or owner of main home (in %)
Tenant 22 11
Own the principal residence 74 88
Live at family, friends, parents or children’s house
4 1
Vacation house (in %)Own a vacation house 8 18Doesn't own a vacation house 92 82
Sample (4/4)Family situation
Base : n=403 working, n=410 retired
« AXA Retirement Scope » – January 2005 - 10
How do people see retirement? What are their retirement activities?
Working population versus retired people
« AXA Retirement Scope » – January 2005 - 11
Q.11 Working: And, ideally, at what age would you like to retire? Retired: If you had the chance to ‘retire again’, at what age would you have retired? Q.10 Working: At what age do you think you will be able to retire? Retired: At what age did you retire?
Average age
58
59
63
55
Actual retirementage
Age people wouldlike to retire
WorkingRetired
1. What is the ideal retirement age?Those who still work dream of an early retirement at 55 - or even 52 for the youngest of them. Nevertheless, they are realistic in thinking that they will retire later than their elders.
years
years
years
years
Socio-demographic analysis
Base : n=403 working, n=410 retired
25-44 years: 62.years; 44 years and more: 64 years
45-64 years: 54 years; 65-75 years: 60 years
25-44 years: 52 years; 45 years and more: 60 years
45-64 years: 55 years; 65-75 years: 60 yearsMidwest: 61 years
Male: 54 years; Female: 57 years
Male: 62 years; Female: 64 years
Midwest: 59 years
« AXA Retirement Scope » – January 2005 - 12
Japan
Germany
The Netherlands
Italy
Spain
Portugal
Belgium
UK
New Zealand
Hong Kong
USA
France
Canada
Australia
Singapore
65
61
60
58
62
60
60
60
60
61
59
58
58
58
60
61
59
59
58
57
57
57
56
56
55
55
55
55
55
54
Average age
1. What is the ideal retirement age?In the U.S., the ideal retirement age corresponds to the global average, but actually the U.S. workers thinks they will retire later than workers in other countries.
Age people would like to retire
Actual retirement age
Germany
Spain
New Zealand
The Netherlands
USA
Italy
UK
Portugal
France
Belgium
Canada
Japan
Hong Kong
Singapore
Australia
59
61
60
60
58
57
59
57
59
59
57
60
55
56
56
64
63
63
63
63
63
62
62
61
61
61
60
58
57
53
WorkingRetired
« AXA Retirement Scope » – January 2005 - 13
2a. What do people think about increasing the age for retirement at their place of employment?An increase of the retirement age enforced in the workplace is largely debated. Workers agree that 61 should be the maximum age for collecting retirement benefits.
Q.12 Working and Retired : What would you think if the age for retirement in your place of employment was increased?
Q.13 In your opinion, at what age should one be able to collect full retirement benefits? (i.e benefits coming from work, pensions, 401K, government benefits, etc)
315 19
45
254
31
40
ApproveDisapproveNeither approve nor disapproveDo not know
Regarding the increasing of the retirement age in place of employment:
62
61Age people should be able tocollect full retirement benefits
Working Retired
%
% %
%%
%%
%
years
years
Base : n=403 working, n=410 retired
25-44 years: 60 years
45 years and more: 62 years
45-64 years: 60 years
65-75 years: 64 years
Low income: 58%; Middle income: 50% Low income: 38%
Socio-demographic analysis Socio-demographic analysis
Low income = less than $25,000
Middle income = from $25,000 to $49,999
High income = $50,000 and over
« AXA Retirement Scope » – January 2005 - 14
Japan
Singapore
Canada
Hong Kong
USA
UK
Portugal
France
Germany
Spain
Belgium
Italy
The Netherlands
9
17
36
22
40
55
55
49
49
51
48
57
63
14
19
40
43
45
57
58
60
61
64
66
69
69
Portugal
USA
Italy
France
Belgium
Hong Kong
Singapore
Spain
Germany
Japan
The Netherlands
UK
Canada
2a. What do people think about raising the retirement age limit?Similar to Canadians and Asians, Americans’ attitudes against extending the retirement age limit are very different from that of Europeans.
59
62
62
63
63
64
65
65
64
65
65
66
67
60
61
62
63
63
63
63
64
65
66
66
67
67
No question for Australia, New ZealandFor New Zealand, USA, Canada, Hong Kong, Singapore : postponed of few years
WorkingRetired
% who disapprove of increasing the retirement age limit
Up to what age can the retirement age be increased
(average)
« AXA Retirement Scope » – January 2005 - 15
2b. What do people think about raising the age to receive governmental social security benefits? A clear majority of both workers and retirees is opposed to postponing the payment of government social security benefits, but the opinions of the older retirees are mixed.
141 21
64
14 435
48ApproveDisapproveNeither approve nor disapproveDo not know
Regarding the increasing of the age to receive social security benefits
Working Retired
Socio-demographic analysis Socio-demographic analysis
%
% %
%%%
%%
Base : n=403 working, n=410 retired
Q. 12b Working and Retired : What would you think if the age to receive governmental social security benefits was increased?
45-64 years: 58%:
65-75 years:42%
45-64 years: 27%:
65-75 years:40%
Midwest: 28%
Question asked only in the U.S.
« AXA Retirement Scope » – January 2005 - 16
3. What spontaneous thoughts come to mind when thinking about the word “retirement”?Retirement is seen as a positive change, even more among retirees. Retirement is especially associated with having more time for oneself and to enjoy life.
Finally I have time to do other things/to do things I am interested in
Finally I will be able to enjoy my life
Finally I have time to spend for myself
End of work
Finally I have nothing to do
Finally I have time to spend for others
Rest
Travels
Leisure activities
To have money/ to reach the age to receive pension/ insurance/ a stable income
0ld
Death
Poor
Ill
Do not know
6
2
1
2
6
2
4
6
4
6
6
4
13
15
18
6
1
2
3
8
2
3
4
6
6
7
8
11
11
13In %
WorkingRetired
Base : n=403 working, n=410 retired
Socio-demographic analysis
Q.25 Working and Retired: What thoughts come to mind when thinking about the word ‘Retirement’?[SPONTANEOUS PRE CODED QUESTION]
45-64 years: 10%: 65-75 years: 5%
Total positive images: Working: 51%Retired: 56%
Total negative images: Working: 13%Retired: 13%
Middle income: 15%; High income : 19%
Northeast: 21%
Midwest: 14%
Middle income: 21%; High income: 21%
High income : 63%
« AXA Retirement Scope » – January 2005 - 17
Canada
USA
France
The Netherlands
Germany
Singapore
New Zealand
Spain
UK
Belgium
Australia
Japan
Hong Kong
Portugal
Italy
70
13
22
17
17
17
14
38
15
32
17
27
36
48
55
11
13
13
18
18
20
23
23
25
25
27
27
29
39
44
Portugal
Japan
USA
Spain
The Netherlands
UK
Italy
Singapore
Germany
France
Canada
Hong Kong
New Zealand
Australia
Belgium
27
46
56
35
57
62
36
53
60
54
69
45
67
71
55
34
45
51
52
52
52
53
60
65
66
68
69
69
71
74
In %
3. What spontaneous thoughts come to mind when thinking about the word “retirement”?For a majority of Americans, the word retirement evokes positive images and, compared to other countries, very few negative images.
In %Total positive imagesTotal negative
images
WorkingRetired
« AXA Retirement Scope » – January 2005 - 18
4. Which activities are most popular among retirees?Retirement is richly spent in physical and manual activities: travel, sports, volunteer work with an association, hobbies, gardening, do-it-yourself projects. Women and men engage in different types of activities: women have more social and home-based activities, while men are more sports-oriented.
1
2
2
3
2
7
9
10
10
9
12
15
16
18
19
37
4
0
0
1
2
3
3
6
7
8
8
10
10
20
20
46Travel
A hobby, particular interest
Sport
Voluntary work
Gardening/DIY
Visit the family
Cultural interests, reading
Social life, meet with friends
Walking/hiking
Join groups/associations
Day trips/visits
Back to college studies
I’ll continue working
Enjoy my grandchildren
Buy or build a house
Do not know
In %
WorkingRetired
Base : n=403 working, n=410 retired
Socio-demographic analysis
Q.28 Working: Which activities and projects would most interest you when retired? Retired: What kind of activities do you do since you retired? [SPONTANEOUS PRE CODED QUESTION]
Male: 41%; Female: 52%; Middle income: 48%, High income: 51%45-64 years: 31%, 65-75 years: 40%, Middle income: 39%, High income: 48%
Male: 7%; Female: 17%
Male: 4%; Female: 12%
Male: 5%; Female: 12%
Male: 7%; Female: 12%
Male: 7%; Female: 13%
Male: 6%; Female: 14%, Northeast: 18%
Male: 24%; Female: 15% Male: 24%; Female: 12%
Northeast: 12%
Northeast: 15%
High income: 22%
Middle income: 21%
« AXA Retirement Scope » – January 2005 - 19
Portugal
Japan
Hong Kong
Italy
UK
Germany
Singapore
The Netherlands
New Zealand
Australia
USA
Spain
Canada
Belgium
France
Hong Kong
Portugal
Spain
France
Canada
Singapore
USA
Belgium
Germany
UK
Japan
The Netherlands
Italy
New Zealand
Australia
Japan
Italy
Portugal
Spain
Hong Kong
France
Singapore
The Netherlands
Belgium
USA
Australia
Germany
Canada
UK
New Zealand
14
9
10
6
17
17
19
29
20
18
29
32
35
22
26
6
7
7
8
10
11
11
12
14
20
24
24
24
26
36
4. Which activities are most popular among retirees? (1/3)Both retired and working Americans alike are among the most interested in travelling and sports. These are their two main aeas of interest, unlike other countries. Accordingly, hobbies are more secondary in the U.S. than elsewhere, where they rank in ninth position.
9
16
15
5
16
20
26
9
21
24
37
11
20
14
10
24
27
30
31
34
36
36
39
44
44
46
49
52
54
58
10
10
21
27
21
10
19
32
29
33
29
41
29
50
46
8
12
13
17
19
20
20
22
24
28
29
33
39
42
47
Travel
A hobby, a particular interest
SportIn %
WorkingRetired
« AXA Retirement Scope » – January 2005 - 20
Hong Kong
Singapore
Spain
Japan
Italy
USA
Germany
The Netherlands
Portugal
Australia
Belgium
Canada
France
UK
New Zealand
The Netherlands
Japan
Hong Kong
Singapore
USA
Belgium
France
Canada
Germany
Australia
Spain
UK
Italy
Portugal
New Zealand
Cultural interest,Reading + back to college /
studies
Voluntary work + join associations
0
6
8
11
11
24
17
21
19
18
18
21
12
15
29
0
1
7
8
9
11
12
14
15
17
17
17
18
19
21
4. Which activities are most popular among retirees? (2/3)In the United States, compared to other countries, people show relatively little interest for home activities – gardening or do-it-yourself activities – or voluntary work and cultural activities.
The Netherlands
Spain
UK
Belgium
USA
Portugal
France
Germany
Canada
Japan
Australia
New Zealand
Italy
Singapore
Hong Kong
0
4
22
19
22
10
19
11
26
30
32
40
13
19
19
0
3
7
9
11
13
14
15
16
17
20
22
24
28
31
0
5
8
21
15
15
33
21
18
31
46
24
37
31
56
0
4
4
6
7
10
10
11
14
14
15
16
16
20
28
WorkingRetired
Gardening / DIYIn %
« AXA Retirement Scope » – January 2005 - 21
4. Which activities are most popular among retirees? (3/3)The same is true for activities such as walking/hiking, family, social life or excursions.
Japan
Hong Kong
Canada
USA
Italy
Portugal
Singapour
Australia
Spain
France
Germany
Belgique
The Netherlands
UK
New Zealand
The Netherlands
Hong Kong
Japan
Spain
USA
France
Germany
Canada
Singapour
UK
Australia
Portugal
Belgique
Italy
New Zealand
The Netherlands
Hong Kong
Japan
Singapour
USA
Canada
Spain
Portugal
Australia
Germany
France
Italy
Belgique
New Zealand
UK
0
0
3
3
7
4
7
7
10
11
5
5
13
12
12
0
0
2
3
3
4
6
7
7
7
9
10
10
11
12
0
6
10
20
19
13
21
28
30
27
28
19
25
36
37
0
4
7
9
13
14
15
15
17
18
19
20
22
24
24
6
14
25
10
12
15
26
17
24
24
28
25
15
26
33
2
5
5
6
6
7
7
8
9
10
10
11
13
20
20
WorkingRetired
Walking / hiking Visit the family + social life
Go on day/trips/visitsIn %
« AXA Retirement Scope » – January 2005 - 22
25
5579
Low income Middleincome
High income
5. For how long do people go on vacation? One out of two workers/retirees go on vacation. Retirees tend to go on longer vacations than the working population. Overall, older retirees travel more, but income is an important factor in taking vacations.
5446 5743YESNO
Working Retired
16 days 35 daysBase : 219 working go on vacations Base : 232 retired go on vacations
Did you go on vacations?
How many days?
Socio-demographic analysis
%% % %
Q.8 Working and Retired : Have you been on holiday in the last twelve months, i.e. have you spent more than 5 days away from home?Q.9 Working and Retired : How many days have you spent on holiday over the last twelve months?
Base : n=403 working, n=410 retired
45-64 years: 51%, 65-75 years: 60%
26 36
71
Low income Middleincome
High income
« AXA Retirement Scope » – January 2005 - 23
5. For how long do people go on vacation?Working or retired Americans alike take fewer vacations than Europeans. Working Americans tend to take short vacations, while retirees stay away for a longer time.
Japan
Singapore
Hong Kong
Italy
USA
Portugal
Belgium
UK
Germany
Spain
France
The Netherlands
Canada
New Zealand
Australia
Japan
Hong Kong
Singapore
Portugal
Canada
USA
Australia
Belgium
New Zealand
Spain
Germany
Italy
France
UK
The Netherlands
26
43
46
39
53
57
66
53
57
43
55
42
57
61
58
21
38
42
49
50
54
60
64
64
66
68
69
71
71
77
In % of « YES » Number of days
25 days 36 days
22 days 33 days
21 days 36 days
21 days 31 days
19 days 31 days
19 days 27 days
19 days 25 days
19 days 24 days
17 days 18 days
17 days 22 days
16 days 35 days
13 days 26 days
12 days 23 days
13 days 30 days
9 days 11 daysWorkingRetired
Did you go on vacation this year?
How may days?
« AXA Retirement Scope » – January 2005 - 24
70
80
81
89
73
88
91
94To look after their grandchildren
Knowledge and life experience transfer
To get involved in community life / join associations
To help financiallytheir children / grandchildren
In % « YES »
WorkingRetired
Base : n=403 working, n=410 retired
Q.29 Working and Retired: What role should retired people play? [AIDED QUESTION]
6. What role should retired people play?There is a wide consensus on the role of retirees in society and the family. Offering financial support to family is largely accepted as part of this role.
Socio-demographic analysis
25-44 years: 96%; 45 years and more: 91%
Male: 78%; Female: 85%; High income: 91%
Middle income: 94%; High income: 92%
Northeast: 84%, Midwest: 85%
Northeast: 81%
« AXA Retirement Scope » – January 2005 - 25
6. What role should retired people play? (1/2)For Americans, retirees have a major role to play by transmitting their knowledge and experience: this seems to be a global consensus, except in the Netherlands. Beyond that, involvement in community life ranks as importantly.
The Netherlands
Spain
Belgium
Japan
Germany
Canada
UK
Portugal
France
Singapore
USA
New Zealand
Australia
Italy
Hong Kong
56
54
63
72
66
83
78
77
77
79
80
86
85
84
90
61
76
78
78
80
83
84
87
88
88
88
89
92
94
98
In % of “YES”
The Netherlands
Japan
Singapore
USA
New Zealand
Spain
Belgium
UK
Germany
Australia
Canada
France
Italy
Hong Kong
Portugal
52
74
81
81
84
89
89
92
91
94
93
93
94
92
96
51
77
91
91
92
92
93
93
94
94
95
96
96
97
97
WorkingRetired
To get involved in community life
Knowledge and life experience transfer
« AXA Retirement Scope » – January 2005 - 26
6. What role should retired people play? (2/2)Other values emphasized in the U.S. include looking after their grandchildren and helping out financially.
The Netherlands
Japan
Spain
France
Canada
Singapore
Hong Kong
Germany
Italy
Belgium
UK
Australia
New Zealand
USA
Portugal
53
51
89
85
81
86
84
80
91
84
87
89
92
89
93
54
64
76
77
84
84
88
89
89
92
92
92
93
94
94
The Netherlands
Japan
Singapore
Canada
Australia
Spain
UK
New Zealand
Hong Kong
Italy
Belgium
USA
Germany
France
Portugal
21
49
58
66
66
77
70
67
75
78
64
70
84
80
89
23
40
55
56
60
61
62
66
67
67
68
73
74
75
79
WorkingRetired
In % of “YES”To look after their
grandchildren
To help financially their children / grandchildren
« AXA Retirement Scope » – January 2005 - 27
Presence, regular visits
Material aid other than financial
Financial aid 30
59
93
41
70
94
WorkingRetired
Base : n=403 working, n=410 retired
In % of «YES »
Q.32 Working and Retired: Do you think children should support their retired parents by…? [AIDED QUESTION]
7. How should children support their retired parents? Strong family solidarity: very wide consensus on a child’s duty to offer moral support to his or her elderly parents. Less emphasis is placed on the duty to provide financial assistance, except among low incomes and younger workers.
Socio-demographic analysis
Male: 75%; Female: 64%; 25-44 years: 76%; 45 years and more: 63%; Low income: 80%
25-44 years: 46%; 45 years and more: 34%; Low income: 54%
« AXA Retirement Scope » – January 2005 - 28
The Netherlands
Japan
UK
New Zealand
Belgium
Singapore
Canada
USA
Germany
France
Australia
Spain
Italy
Portugal
Hong Kong
The Netherlands
Japan
Germany
Canada
Australia
Belgium
N. Zealand
UK
USA
France
Spain
Singapore
Italy
Portugal
Hong Kong
The Netherlands
Australia
Belgium
New Zealand
UK
USA
Germany
France
Canada
Japan
Italy
Spain
Singapore
Portugal
Hong Kong
12
23
34
21
25
30
32
38
32
31
65
83
80
84
94
21
35
35
36
41
41
41
42
43
48
67
77
80
85
95
10
42
46
63
58
63
64
64
59
73
80
84
86
92
91
19
57
62
64
65
66
67
68
70
74
84
84
84
88
92
7. How should children support their retired parents?While material and financial support to older parents is seen as a moral and emotional duty for Americans as in other countries, it is slightly less emphasized than in other countries.
73
90
91
93
94
91
89
93
93
95
90
96
98
98
99
80
91
92
92
92
93
94
94
95
95
96
96
96
98
99
Presence, regular visits
WorkingRetired
Material aid other than financial Financial aidIn % of “YES”
« AXA Retirement Scope » – January 2005 - 29
75
76% who think thatthey will be ableto rely on theirfamily in case of
illness
Q.31 Working: Having retired, do you think you could rely on your family if you became ill? Retired: Do you think you could rely on your family if you became ill?
WorkingRetired
8. Can retired people rely on their family in case of illness?Families would show solidarity in the event of illness.
In % of “YES”
Base : n=403 working, n=410 retired
Socio-demographic analysis
Male: 69%; Female: 81%
45-64 years: 68%; 65-75 years: 78%;
- Low income: 68%
- Low income : 64%
« AXA Retirement Scope » – January 2005 - 30
8. Can retired people rely on their family in case of illness?Just as in other English-speaking countries, family support is strong in the U.S. However, it is not quite as strong as in southern European countries.
Singapore
The Netherlands
Hong Kong
Japan
Belgium
France
New Zealand
USA
UK
Australia
Canada
Portugal
Germany
Italy
Spain
60
61
55
66
68
58
78
75
79
77
77
80
81
82
84
47
61
63
68
69
71
72
76
76
77
78
84
84
85
85
In % of « YES »% who think that they will be able to rely on their family in case of illness
WorkingRetired
« AXA Retirement Scope » – January 2005 - 31
9. At what age do people consider somebody as old?We become “old” later: for those who still work, starting from 73 years of age, and even later for retirees, at 75!
Q.33 Working and Retired: In your opinion, is somebody old when
aged … ?
WorkingRetired
Base : n=403 working, n=410 retired
Working Retired
75 years
73 years
Average age
Male: 72 years; Female: 75 years
25-44 years: 73 years
45 years and more: 75 years
Midwest: 75 years
High income: 74 years
Male: 74 years; Female: 76 years
Midwest: 76 years
High income: 75 years
« AXA Retirement Scope » – January 2005 - 32
9. At what age do people consider somebody as old?Broad consensus worldwide on the age at which “people grow old”.
Working Retired
Italy 75 years 75 years
The Netherlands 75 years 78 years
Spain 74 years 74 years
France 74 years 74 years
Germany 74 years 75 years
Australia 74 years 75 years
Belgium 74 years 75 years
Portugal 74 years 75 years
UK 74 years 74 years
USA 73 years 75 years
Canada 73 years 75 years
New Zealand 73 years 75 years
Japan 72 years 74 years
Hong Kong 71 years 72 years
Singapore 71 years 73 years
WorkingRetired
« AXA Retirement Scope » – January 2005 - 33
3
13
0
2
3
7
2
4
5
30
34
3
15
3
3
3
5
6
7
7
21
30
10. What are the factors that signify getting old?Retirement is not synonymous with age. Illness and loss of mobility are the true signs of old age, much more than the number of years.
Loss of mobility, autonomy
Illness
Pains
Loss of independence
Retirement
Loss of memory
Loss of energy / vitality
No longer working
To become grandparent
None
Do not know
In %
WorkingRetired
Base : n=403 working, n=410 retired
Socio-demographic analysis
Q.35 Working and Retired: What are the factors that signify that you are getting old? [SPONTANEOUS PRE CODED QUESTION]
Male: 26%; Female: 34%,
Middle income: 33%, High income: 30%
Male: 8%; Female: 4%
Middle income: 23%; High income: 23%
Midwest: 43%
« AXA Retirement Scope » – January 2005 - 34
Japan
The Netherlands
Canada
USA
Spain
Australia
Singapore
France
Italy
UK
Hong Kong
N. Zealand
Portugal
Belgium
Germany
12
22
24
30
28
25
28
41
39
27
27
27
46
36
60
7
14
21
21
24
26
26
26
27
28
28
30
31
32
56
10. What are the factors that signify getting old? In the U.S. as elsewhere, old age is barely or hardly associated with retirement. It is mainly symbolized by disease and loss of autonomy.
Hong Kong
Japan
The Netherlands
Italy
Singapore
UK
France
Canada
Spain
Portugal
USA
Germany
Belgium
Australia
New Zealand
0
0
22
21
15
48
26
29
37
32
34
31
29
56
49
0
1
10
12
21
24
29
29
29
30
30
34
36
38
39
Japan
Australia
Hong Kong
Singapore
The Netherlands
Canada
Spain
USA
UK
Belgium
Portugal
Germany
France
New Zealand
Italy
0
0
0
1
4
4
5
4
9
11
9
5
9
9
22
0
0
0
5
5
5
5
7
8
8
9
10
10
13
18
Japan
The Netherlands
Spain
UK
Germany
Hong Kong
Australia
Portugal
Singapore
Belgium
N. Zealand
USA
Canada
Italy
France
2
1
6
2
2
3
2
3
1
4
2
2
2
6
6
0
1
1
2
3
3
4
4
5
5
6
6
7
7
13
WorkingRetired
IllnessLoss of mobility /
autonomy
Loss of independence RetirementIn %
« AXA Retirement Scope » – January 2005 - 35
11. What would be the ideal living arrangement during retirement? Workers dream more of moving away: this wish is stronger among under-45s and men. For retirees, on the contrary, staying at home is the ideal arrangement.
There is some attraction to residence complexes for retired people, mostly among retired women.
Staying at home
Moving to another region or another country or the
countryside
Going to a residence complex for retired people
Going to an assisted living residence
Going to your children’s home
2
1
6
13
78
1
2
3
24
70
In %
WorkingRetired
Base : n=403 working, n=410 retired
Socio-demographic analysis
Q.26 Working and Retired: From the following options, what would be your ideal living arrangement during retirement? [AIDED QUESTION-ONE ANSWER]
25-44 years: 62%; 45 years and more: 81%
45-64 years: 73%; 65-75 years: 81%
Male: 28%; Female: 19%; 25-44 years: 31%; 45 years and more: 15%West: 34%, Low income: 30%
45-64 years: 19%; 65-75 years: 11%; West: 21%
Male: 3%; Female: 8%
« AXA Retirement Scope » – January 2005 - 36
Hong Kong
Singapore
UK
France
Australia
Canada
Portugal
New Zealand
The Netherlands
Germany
Spain
USA
Belgium
Italy
Japan
Italy
Japan
Hong Kong
Spain
Germany
Portugal
New Zealand
Belgium
The Netherlands
USA
Canada
Singapore
Australia
UK
France
The Netherlands
Belgium
Australia
France
UK
USA
New Zealand
Canada
Japan
Spain
Germany
Portugal
Italy
Singapore
Hong Kong
11. What would be the ideal living arrangement during retirement?Some working Americans, as everywhere else, dream of spending their retirement in another region. In reality, they spend their retirement at home.
0
0
1
1
2
2
1
1
3
6
2
5
8
8
24
0
0
1
1
1
1
2
2
2
3
5
5
9
10
21
5
9
7
4
7
8
8
3
9
13
8
8
8
13
9
11
14
18
19
21
21
23
24
24
24
27
28
30
35
37
53
82
78
86
82
85
74
85
80
85
80
78
92
86
86
51
56
57
57
64
64
67
67
68
68
69
70
72
80
81
In %Staying at
homeMoving to another region or
another country or the countryside
Going to your children’s
home
Going to a residence complex for retired people
Japan
The Netherlands
Belgium
Italy
Germany
Portugal
Singapore
USA
France
UK
New Zealand
Spain
Canada
Australia
Hong Kong
0
0
2
2
2
7
1
6
2
4
5
2
3
9
10
0
0
0
0
2
2
3
3
5
5
5
6
6
6
7
In %
WorkingRetired
« AXA Retirement Scope » – January 2005 - 37
At home, in your house / flat
You share your time between two places
In a residence complex for retired people
At your children’s home 1
2
5
92
Base : n=410 retired
In %
Retired
Q.27 Retired: Where do you live most of the time?
12. Where do retired people live most of the time?An overwhelming majority of retired people live at home.
Male: 1%; Female: 4%
Socio-demographic analysis
« AXA Retirement Scope » – January 2005 - 38
Hong Kong
USA
Singapore
Australia
Portugal
Spain
UK
New Zealand
France
Canada
Japan
The Netherlands
Belgium
Italy
Germany
Retired
12. Where do retired people live most of the time? Like everywhere else in the world, except in Hong Kong, American retirees live at home.
Italy
Japan
The Netherlands
Belgium
France
Germany
USA
Canada
Australia
UK
Portugal
New Zealand
Singapore
Spain
Hong Kong
0
0
0
0
0
0
1
1
1
1
2
2
3
4
24
67
92
94
94
94
94
95
95
96
96
96
98
98
98
99
At home, in your house / flat At your children’s homeIn %
« AXA Retirement Scope » – January 2005 - 39
1820
62
13 12
74HigherAs highLower
Working Retired
Q.14 Working: Do you think that your retirement income will be higher, as high or lower than your last salary? Retired: Is your retirement income higher, as high or lower than your last salary?
13. Is or will your retirement income be higher, as high or lower than your last salary?For a large majority, retirement income is lower than wages earned when working, especially among lower income earners. Young working men are more optimistic than the others.
%
%
%
%
% %
Base : n=403 working, n=410 retired
Socio-demographic analysis
Male: 23%; Female: 16%
25-44 years : 26%
45 years and more: 13%
High income: 22%
Low income : 89%
Low income : 72%
High income : 17%
Socio-demographic analysis
« AXA Retirement Scope » – January 2005 - 40
13. Is or will the retirement income be higher, as high or lower than the last salary?Americans are among the least pessimistic about changes to their retirement income.
Spain
Portugal
Singapore
USA
Australia
Canada
The Netherlands
New Zealand
Italy
Hong Kong
UK
Japan
Belgium
Germany
France
69
58
75
74
79
68
62
83
69
84
76
80
78
75
79
55
57
59
62
66
67
69
69
71
72
78
79
81
87
88In % “lower retirement income”
WorkingRetired
« AXA Retirement Scope » – January 2005 - 41
Working Retired
49
18
33 52
20
29
Will be improved/has improvedWill remain the same/remained the sameWill decrease/decreased
Q.15 Working: Do you think that your standard of living will be improved, will remain the same or will decrease after you retire? Retired: Do you think that your standard of living has improved, remained the same, or, decreased since you have retired?
14. What standard of living do you anticipate in retirement?Two out of three workers believe their standard of living will improve or remain the same. This perception accurately reflects the reality experienced by retirees.
%
%%
%% %
Socio-demographic analysis
Base : n=403 working, n=410 retired
Socio-demographic analysis
25-44 years: 27%45 years and more: 41% South: 39%Low income: 56%
Male: 23%; Female: 35%Low income: 60%
High income: 28%
« AXA Retirement Scope » – January 2005 - 42
14. What standard of living do you anticipate in retirement?A significant percentage of American workers and retirees are positive about changes to their retirement lifestyle.
Germany
Japan
The Netherlands
UK
France
Canada
Belgium
USA
Australia
Portugal
Italy
New Zealand
Hong Kong
Singapore
Spain
6
7
13
18
12
23
14
20
22
14
17
18
20
21
29
4
6
9
10
11
12
13
18
18
20
20
22
23
25
36
Improvement Stability
WorkingRetired
37
50
42
55
44
45
49
54
52
52
53
69
55
50
57
38
38
42
43
44
44
45
46
49
50
50
54
55
58
59The Netherlands
Belgium
Canada
Japan
New Zealand
Australia
USA
UK
Portugal
France
Italy
Germany
Spain
Singapore
Hong Kong Spain
New Zealand
The Netherlands
Belgium
Australia
USA
Portugal
Italy
Singapore
Japan
Hong Kong
UK
France
Germany
Canada
Decreasing
29
29
30
36
22
25
29
37
39
29
24
43
28
44
39
22
28
29
29
31
32
33
35
36
37
39
39
44
45
54
« AXA Retirement Scope » – January 2005 - 43
15. Will your retirement income be sufficient?Retirement income is seen as sufficient for six out of every ten workers or retirees.
11
24
53
9
3
Working RetiredIn %
Completely sufficientSufficientInsufficientCompletely insufficientDo not know
10
28
52
9
1
61%
38%
62%
35%
Base : n=403 working, n=410 retired
Q.17 Working: Do you think that the amount of your retirement income will be…Retired: Do you consider this amount to be…
Male: 12%; Female: 6% Male: 69%; Female: 54%
Middle income: 65%;
High income: 74%
Socio-demographic analysis
Socio-demographic analysis
Middle income: 55%,
High income: 73%
« AXA Retirement Scope » – January 2005 - 44WorkingRetired
15. Will your retirement income be sufficient?American retirees, and retirees in most countries, are satisfied with their current retirement income. At the same time, the working population is optimistic.
Japan
Portugal
France
Italy
Spain
Hong Kong
Singapore
UK
Germany
USA
Australia
New Zealand
Belgium
Canada
The Netherlands
35
32
53
37
37
41
47
59
64
62
70
56
51
66
72
10
40
45
46
47
51
54
56
60
61
61
62
65
65
68
In % “Completely sufficient+ sufficient”
« AXA Retirement Scope » – January 2005 - 45
1327 26
46
25-34years
35-44years
45-54years
55 yearsand more
16. What is the total of your retirement income?Those who work are not well informed of their future retirement; those over 55 are better informed. The current amount of retirement income practically meets needs.
Working
26% know the amount of their future retirement income
Q.18 retired: How much would you need per month for your household expenses?
Retired
$2,198
Do not know/ No answer
Average amount of retirement income per
month
Median amount of retirement income
$1,637
28%
$1,993
$1,412
20%
Average amount needed per month for household expenses
Median amount needed for household expenses
Do not know/ No answer
Base : n=403 working, n=410 retired
Male: $2,452 ; Female: 1 889 $Northeast: $3 035, Low income: $1,279Middle income: $2,181; High income: $3,385
Q.16 Retired: What is the total net monthly amount of all your pensions?
High income: 34%
« AXA Retirement Scope » – January 2005 - 46
16. Do working people know their future retirement income?American workers are among the most informed about the amount of their retirement income, just as the Germans and the Dutch. On the opposite end are the French, Portuguese and the Spanish.
Spain
Portugal
France
UK
Japan
Italy
Singapore
New Zealand
Belgium
Australia
Hong Kong
Canada
USA
The Netherlands
Germany
11
12
14
17
18
18
18
19
19
21
22
24
26
27
34
In % of “YES”
Working
« AXA Retirement Scope » – January 2005 - 47
TOTAL NET MONTHLY AMOUNT OF ALL RETIREMENT INCOME
AMOUNT NEEDED FOR HOUSEHOLD EXPENSES
Canada (CAN$ 3 020) =1 955 € (CAN$ 2 465) =1 595 €
The Netherlands 1 734 € 1 509 €
USA (US$ 2 198) = 1 700 € (US$ 1 993) = 1 541 €
Germany 1 644 € 827 €
Australia (AU$ 2 762) = 1 627 € (AU$ 1 394) = 821 €
UK (£ 1 128) = 1 622 € (£ 735) = 1 057 €
France 1 529 € 1 586 €
Japan (190 025 ¥) = 1 391€ (246 518 ¥) = 1 806€
Belgium 1 253 € 1 181 €
New Zealand (NZ$ 1 719) = 923€ (NZ$ 1 488) = 799€
Italy 877 € 1 368 €
Singapore (S$ 1 692) = 792€ (S$ 1 592) = 745€
Spain 751 € 870 €
Portugal 649 € 751 €
Hong Kong (HK$ 5 493) = 546 € (HK$ 8 635) = 859€
16. What is the total of your retirement income?American retirees enjoy a relatively high retirement income, compared to other countries. They believe income will meet expenses (which is not the case in several other countries).
« AXA Retirement Scope » – January 2005 - 48
How do people prepare for retirement ?Working population versus retired people
« AXA Retirement Scope » – January 2005 - 49
3860
86
Low income Middleincome
High income
36
73
34
% havingprepared for their
retirement
Actual age forpreparing
In %
Q.20 Working: At what age do you think people start preparing retirement?Q.20 Retired: at what age did you start preparing for your retirement? Q.21 Working: Have you prepared for your retirement?
Average age
WorkingRetired
1. At what age do people prepare for retirement?Retirement calls for preparation early on and most working people have already begun this. The degree of preparedness is strongly correlated to income level.
Socio-demographic analysis
years
years
Base : n=403 working, n=410 retired
45-64 years: 34 years; 65-75 years: 38 yearsNortheast: 38 years; Midwest: 38 yearsLow income: 38 years; Middle income: 39 years
25-44 years: 68%; 45 years and more: 79%Northeast: 78%; Midwest: 83%
Male: 33 years; Female: 35 years
55 years and over : 36 years
« AXA Retirement Scope » – January 2005 - 50
% having prepared for their retirement
Actual age for preparing (average)
WorkingRetired
1. At what age do people prepare for retirement?As in most countries, America’s workers think that they must start planning for retirement earlier than their elders did. They rank first among all workers in planning ahead, contrary to southern Europeans and the Japanese.
Japan
Italy
Spain
Portugal
Belgium
Singapore
France
Australia
The Netherlands
Germany
Hong Kong
Canada
USA
New Zealand
UK
55
54
53
50
43
41
39
40
34
51
49
38
36
39
35
52
51
46
46
37
37
37
36
35
34
34
34
34
32
31
Japan
Italy
Spain
Portugal
France
Singapore
Hong Kong
Australia
The Netherlands
Belgium
Germany
New Zealand
UK
Canada
USA
12
24
35
40
42
48
58
59
62
64
65
66
67
70
73
« AXA Retirement Scope » – January 2005 - 51
72
92% who think thatthey should makearrangements to
ensureindependence incase of illness
Q.30 Working: Do you think you should make arrangements now to ensure your independence in case of illness? Retired: Have you made arrangements to ensure your independence in case of illness?
WorkingRetired
2. Should people make arrangements to ensure independence in case of illness ?Maintaining one’s independence in the event of illness has become an absolute necessity, in connection with longer lifespans.
In % of “YES”
Base : n=403 working, n=410 retired
West: 80%
Socio-demographic analysis
- Low income: 80%
« AXA Retirement Scope » – January 2005 - 52
2. Should people make arrangements to ensure independence in case of
illness ?American workers and retirees alike plan ahead to ensure their independence in case of illness. The least prepared are the Southern Europeans and the Dutch.
The Netherlands
Spain
Portugal
Belgium
Italy
France
UK
Canada
Germany
Japan
Singapore
New Zealand
Australia
Hong Kong
USA
44
20
34
71
45
57
48
66
53
82
61
62
64
47
72
59
62
70
72
76
76
81
81
83
84
85
85
85
86
92
In % of “YES”
WorkingRetired
« AXA Retirement Scope » – January 2005 - 53Q.24 Working: With regards to your retirement, have you planned for the following? Retired: With regards to your retirement, had you planned for the following?
63
80
51
66
Your activities
Place of living
Working
Retired
3. Do people prepare for retirement from a non-financial point of view?Psychologically, people prepare themselves for retirement early on, in priority with respect to where they will live.
4463
76 87
25-34years
35-44years
45-54years
55 yearsand more
44 46 58 59
25-34years
35-44years
45-54years
55 yearsand more
In % of « YES »
[AIDED QUESTION]
Socio-demographic analysis
Base : n=403 working, n=410 retired
In %
Male: 59%; Female: 41%
« AXA Retirement Scope » – January 2005 - 54
France
Spain
Portugal
Belgium
Italy
UK
The Netherlands
Hong Kong
Canada
Australia
Singapore
New Zealand
Germany
USA
Japan
The Netherlands
France
Belgium
Hong Kong
Canada
UK
Spain
Portugal
New Zealand
Singapore
Australia
Italy
Germany
Japan
USA
37
65
45
20
68
52
65
51
77
60
74
86
58
79
80
39
43
46
50
50
52
52
53
53
55
58
58
62
62
66
42
21
28
39
47
50
37
20
57
59
52
64
50
63
60
25
27
30
30
31
31
34
36
39
47
48
48
51
51
56
3. Do people prepare for retirement from a non-financial point of view?Americans are at the top in planning ahead for where they will live and what they will do when they retire.
In % of “YES” Your activitiesPlace of living
WorkingRetired
« AXA Retirement Scope » – January 2005 - 55
4. Are people well-informed concerning their retirement conditions?Those who still work are relatively well informed of the conditions surrounding their retirement, especially the more wealthy.
Q.22 Working: Do you consider you are well informed about your retirement conditions concerning … ?Q.22 Retired: Do you consider you were well informed about your retirement conditions concerning … ?
70
72
49
55
Amount of yourpension
The date youwill/would retired
In % of « YES »
WorkingRetired
Base : n=403 working, n=410 retired
3857 61 66
25-34years
35-44years
45-54years
55 yearsand more
3248 59 59
25-34years
35-44years
45-54years
55 yearsand more
3646
64
Low income Middleincome
High income
Socio-demographic analysis
Male: 59%; Female: 41%High income: 59%
Middle income: 75%High income: 77%
Middle income: 76%High income: 80%
« AXA Retirement Scope » – January 2005 - 56
Japan
France
Hong Kong
Italy
Portugal
Singapore
Belgium
Spain
Canada
Australia
New Zealand
UK
USA
Germany
The Netherlands
4. Are people well-informed concerning their retirement conditions?American, Dutch and German workers are the best informed about their retirement dates and the amount of their future pension.
Japan
Hong Kong
France
Portugal
Italy
Belgium
Singapore
Australia
Canada
Spain
UK
New Zealand
Germany
USA
The Netherlands
62
14
77
51
69
77
49
54
67
65
70
55
68
72
68
5
14
21
30
30
36
37
40
45
46
48
50
50
55
58
50
73
16
63
55
40
73
59
64
60
55
78
70
72
65
3
14
15
17
19
24
26
30
36
39
42
44
49
49
59
In % of “YES” Amount of your pensionThe date you will / would
retired
WorkingRetired
« AXA Retirement Scope » – January 2005 - 57
Financial advisers specializing in pensions
Employers
Banks
Insurance companies/brokers
Government/Institutions
Pension Organizations
Relatives/Kids
Consumer information center
Media (TV, dailies, magazines)
Internet
State run organizations
Trade Unions
No specific research
Do not know
5. Which information sources on retirement are consulted? Specialist financial advisers are the most popular source of information on retirement, especially among the working population. Employers and banks are also among the most common sources.
10
16
4
3
1
6
1
3
5
7
9
9
18
22
14
4
2
3
4
4
6
6
7
7
7
12
14
35
Q.23 Working: Where would you go for advice and information on retirement planning? Retired: Where did you go for advice and information on retirement planning?
In %
WorkingRetired
Base : n=403 working, n=410 retired
[SPONTANEOUS PRE CODED QUESTION]
Midwest: 39%, West: 41%; High income: 43%
Socio-demographic analysis
High income: 33%
Low income: 26%
« AXA Retirement Scope » – January 2005 - 58Germany
France
Canada
Belgique
Japan
Hong Kong
Portugal
Italy
Spain
Singapour
The Netherlands
New Zealand
USA
UK
Australia
0
0
0
0
1
0
1
2
8
2
2
10
22
17
34
0
0
0
0
0
2
2
6
6
14
20
32
35
40
50
Germany
The Netherlands
Hong Kong
Australia
New Zealand
USA
Singapore
Canada
UK
Japan
Belgique
Spain
France
Italy
Portugal
5. Which information sources on retirement are consulted? (1/2) As in many English-speaking countries, the UK and Pacific-region countries, financial advisers
are a major source of information. Government/State institutions are not frequently consulted in the U.S.
Italy
Japan
The Netherlands
Australia
Singapore
USA
France
Portugal
UK
Germany
New Zealand
Hong Kong
Spain
Belgium
Canada
Japan
Italy
Australia
Portugal
UK
France
Canada
USA
Belgium
The Netherlands
Hong Kong
Spain
Germany
New Zealand
Singapore
0
4
4
10
3
10
6
7
12
10
26
26
18
28
36
0
2
3
5
7
8
9
10
11
16
23
25
26
34
52
1
0
4
2
5
3
6
9
0
2
2
4
6
8
5
2
3
5
6
6
7
7
7
12
13
13
13
19
20
21
1
2
6
12
5
9
2
5
5
7
8
3
8
6
15
2
3
9
9
11
12
14
16
18
22
22
23
28
33
33
In % of “YES”Banks
Insurance companies / brokers
Government/
State
WorkingRetired
Financial planners / advisers
« AXA Retirement Scope » – January 2005 - 59
5. Which information sources on retirement are consulted? (2/2)In the U.S., slightly more people tend to consult the media and their employers.
Media
Australia
Hong Kong
Singapore
Japan
Spain
New Zealand
USA
UK
Italy
Portugal
Belgium
The Netherlands
Canada
Germany
France
Spain
The Netherlands
Portugal
Australia
France
Italy
Canada
Germany
Belgium
USA
UK
New Zealand
Singapore
Hong Kong
Japan
Singapore
Spain
Portugal
Australia
Hong Kong
Japan
New Zealand
Germany
Italy
Canada
USA
UK
France
The Netherlands
Belgium
0
5
6
4
2
7
9
9
11
17
18
20
16
27
17
1
1
3
4
5
5
5
5
10
10
14
15
21
21
22
1
1
1
1
2
3
6
3
3
6
3
6
3
3
34
0
1
1
2
2
2
2
3
3
4
6
7
10
11
42
0
0
0
1
5
4
5
9
6
9
24
12
19
39
35
0
0
1
1
3
6
7
10
12
14
20
25
29
31
41
Pensions organizations/ financial organizations specialized in pensions EmployersIn % of “YES”
WorkingRetired
« AXA Retirement Scope » – January 2005 - 60
Q.22 Working: From a financial point of view, what have you done, if anything, about securing your retirement income? Retired: From a financial point of view, what had you done, if anything, about securing your retirement income?
6.What arrangements have been made for securing (future) income after retiring?Workers and retirees take significant financial measures to ensure a comfortable retirement income. They save in more than one way: via simple and special savings plans and life insurance policies.
You are saving
You have a savings plan with fiscal advantages
You have a life insurance policy
You have a specific pension savings plan
You have contributed to an insurance policy/ pension fund with your employer
You have invested in the real estate market36
41
64
59
65
80
46
55
55
66
69
76
WorkingRetired
Base : n=403 working, n=410 retiredOne measure : W : 7% ; R : 9%
Two measures : W: 10%, R: 12%
Three and over : W : 76%, R: 75%
Socio-demographic analysisIn % of « YES »
45-64 years: 75%; 65-75 years: 82%
Male: 36%; Female: 47%; 25-44 years: 51%; 45 years and more: 61%;High income: 65%
25-44 years: 41%; 45 years and more: 52%Middle income: 34%; High income: 56%
High income: 50%
High income: 71%
Middle income: 69%; High income: 77%
Middle income: 57%; High income: 78%
Middle income: 66%; High income: 90%
Middle income: 55%; High income: 86%
Middle income: 84%; High income: 87%
High income: 57%
Middle income: 68%; High income: 78%
« AXA Retirement Scope » – January 2005 - 61
Italy
Spain
The Netherlands
Portugal
France
Australia
New Zealand
Japan
Belgium
UK
Canada
Hong Kong
USA
Germany
Singapore
Australia
France
Italy
Portugal
Spain
Japan
New Zealand
Belgium
Germany
The Netherlands
Canada
USA
UK
Hong Kong
Singapore
6. What arrangements have been made for securing (future) income after retiring? (1/2)Americans, working and retired alike, are among those who invest most in a large variety of savings products for their retirement.
16
13
17
20
55
35
48
50
46
52
53
28
59
57
55
24
33
33
35
42
47
56
59
62
64
64
65
66
73
81
0
6
4
11
16
23
45
35
31
52
53
41
60
22
86
0
6
10
16
25
28
36
40
41
50
53
55
63
64
88
In % of “YES” Life insuranceInsurance policy / pension fund with
employer
WorkingRetired
« AXA Retirement Scope » – January 2005 - 62
The Netherlands
Italy
Spain
Japan
Portugal
Germany
UK
Australia
France
Canada
New Zealand
Hong Kong
USA
Belgium
Singapore
6. What arrangements have been made for securing (future) income after retiring? (2/2)
24
36
36
47
51
48
73
68
66
75
81
58
80
83
80
33
38
38
49
51
52
61
62
63
64
69
71
76
77
80
Italy
The Netherlands
Portugal
Japan
France
Germany
Singapore
Australia
Hong Kong
Spain
Canada
New Zealand
UK
USA
Belgium
5
6
21
16
27
10
28
32
19
10
39
42
43
64
47
11
15
21
24
25
26
30
33
34
35
37
42
49
55
59
In % of “YES” Specific pension saving planSavings
WorkingRetired
« AXA Retirement Scope » – January 2005 - 63Q.22 Working: How much do you save per month for your retirement? Q.22 Retired: How much did you save per month for your retirement?
Working Retired
Base : n=293 working having prepared retirement, n=410 retired
Do not know/ No answer
Median amount $389 $191
16% 38%
7. How much do people save per month for their retirement? Relatively high amounts saved.
$535 $687Average monthly amount saved for retirement income 25-44 years: $547
45 years and more: $834 Northeast: $750 South: $856High income : $857
Northeast: $702 High income: $831
« AXA Retirement Scope » – January 2005 - 64
Working Retired
USA (US$ 687) = 531 € (US$ 535) = 414 €
Australia (AU$ 688) = 405 € (AU$ 357) = 210 €
Hong Kong (HK$ 3 960) = 394 € (HK$ 3 950) = 392 €
Singapore (S$ 699) = 327€ (S$ 805) = 377€
Canada (CAN$ 499) =323 € (CAN$ 396) =256 €
New Zealand (NZ$ 576) = 309€ (NZ$ 192) = 103€
Japan (40 113 ¥) = 293€ (54 618 ¥) = 399€
UK (£ 198) = 285 € (£ 154) = 221 €
Germany 241 € 197 €
Belgium 226 € 59 €
Spain 208 € 303 €
France 203 € 135 €
The Netherlands 199 € 108 €
Portugal 195 € 205 €
Italy 160 € 205 €
7. How much do people save per month for their retirement? Americans are by far the leading savers.
« AXA Retirement Scope » – January 2005 - 65
8. Who should be responsible in providing the pension?Working and retired people are unanimous: individual savings is the primary source of financing for retirement.
Q.19 Working and Retired: In your opinion, who do you think should be responsible in providing the pension?
The employee by saving regular amounts
A pension fund, specialised organizations
The employer
The government
56
71
79
85
60
72
75
87
WorkingRetired
Base : n=403 working, n=410 retired
In % of « YES » Socio-demographic analysis
Male: 53%; Female: 68%25-44 years: 64%; 45 years and more: 55%Midwest: 68%; West: 65%, Low income: 78%; Middle income: 69%
Male: 67%; Female: 77%
Northeast: 64%, Low income: 71%
Northeast: 79%
High income: 92%
« AXA Retirement Scope » – January 2005 - 66
Spain
Portugal
The Netherlands
Italy
France
Japan
Belgium
Germany
New Zealand
UK
Australia
Singapore
USA
Canada
Hong Kong
8. Who should be responsible in providing the pension? (1/2)Americans as well as other English-speaking countries, including Hong Kong and Singapore, emphasize individual responsibility. Therefore, they are among those who expect the least from the State.
38
43
42
46
61
55
81
56
82
82
84
87
85
86
88
37
53
57
58
63
64
75
76
81
83
83
86
87
87
89
Germany
The Netherlands
USA
Italy
Australia
Singapore
France
Hong Kong
New Zealand
Portugal
Canada
UK
Japan
Belgium
Spain
40
56
74
74
71
72
77
86
89
88
88
88
89
90
44
60
63
71
74
75
76
77
80
82
83
90
90
91
Item non asked for Germans
In % of “YES”The State / the governmentThe employee
WorkingRetired
« AXA Retirement Scope » – January 2005 - 67
Australia
The Netherlands
UK
Spain
Japan
France
Singapore
New Zealand
Italy
Hong Kong
USA
Portugal
Canada
Belgium
Germany
Italy
Portugal
New Zealand
Japan
Australia
The Netherlands
Spain
Singapore
France
Belgium
Germany
UK
USA
Canada
Hong Kong
8. Who should be responsible in providing the pension? (2/2)American workers and retirees assign a particularly important role to organizations specializing in retirement issues and employers.
36
40
39
33
46
33
48
63
61
71
65
71
71
77
80
33
34
35
36
40
41
42
61
64
65
69
69
72
74
76
42
52
51
55
46
59
67
68
65
74
79
70
89
77
98
45
46
54
56
60
62
67
68
70
70
75
82
82
83
83
In % of “YES”The employer/the
company pension plan
A pension fund, specialised
organizations
WorkingRetired
« AXA Retirement Scope » – January 2005 - 68
9. Do people expect a major retirement reform in the next 10 years?Only four out of ten Americans think there will be a retirement reform.
Q.36 Working and Retired: Do you expect a major retirement reform in the next 10 years?
38
62
37
63
YesNo
Working Retired
%
%
%
%
Socio-demographic analysis
Base : n=403 working, n=410 retired
Male: 44%; Female: 32%Middle income: 40%,High income: 42%
Socio-demographic analysis
Middle income: 43%,High income: 48%
« AXA Retirement Scope » – January 2005 - 69
9. Do people expect a major retirement reform in the next 10 years?Contrary to most countries, American workers and retirees do not expect a retirement reform in the next 10 years.
Germany
USA
Hong Kong
Canada
Portugal
Singapore
New Zealand
Australia
UK
Spain
Belgium
Japan
France
The Netherlands
Italy
34
37
45
31
32
49
48
52
57
45
51
69
65
49
62
38
38
38
44
44
52
53
61
63
64
68
68
71
77
79In % of “YES”
WorkingRetired
« AXA Retirement Scope » – January 2005 - 70
Are people happy ?Working population versus retired people
« AXA Retirement Scope » – January 2005 - 71
3138 38 33
25-34years
35-44years
45-54years
55 yearsand more
1. Are people happy in the U.S?Decidedly, American workers and retirees are happy! Retirees are even more likely to say “very happy”!
Base : n=403 working, n=410 retired
Q.3 Working and Retired: Overall, to what extend do you consider yourself to be happy? Do you feel …?
In %
Very happyQuite happyNot really happyNot happy at all
46
46
26
Working Retired
55
35
19
90%
10%
92%
8%
« the very happy »
46 47
45-64 years 65-75 years
Socio-demographic analysis
South: 52%Middle income: 45%High income: 55%
Socio-demographic analysis
High income: 41%
« AXA Retirement Scope » – January 2005 - 72
1. Are people happy in U.S.?In the U.S., like elsewhere in the world, workers as well as retirees are happy. The lowest scores of happy people are among Italian, Spanish and Portuguese retirees.
Hong Kong
Portugal
Singapore
UK
Germany
Japan
USA
Australia
Italy
Spain
France
New Zealand
Canada
Belgium
The Netherlands
76
62
90
92
85
90
92
96
79
83
91
93
94
93
90
80
82
87
87
89
90
90
90
92
92
92
92
92
94
96
% of people who are “very happy +quite happy”
WorkingRetired
« AXA Retirement Scope » – January 2005 - 73Q.1 Working and Retired: In your opinion which country offers the best standard of living?
86
14
think that people live better in US
think that people live better elsewhere
Retired
90
10
think that people live better in US
think that people live better
elsewhere
2. Where do people live best? A very large majority of both workers and retirees are convinced that life is better in the U.S. than anywhere else.
Where is it better elsewhere?
Canada : 2%
Germany : 1%Sweden : 2%
Switzerland : 1%UK : 1%
Where is it better elsewhere?
Canada : 2%Germany : 1%Sweden : 1%
Switzerland : 2%UK : 0%
%%
%%
Base : n=403 working, n=410 retired
Working
South: 90%; Midwest: 89%
Middle income: 89%
High income : 87% South: 94%
« AXA Retirement Scope » – January 2005 - 74
Arial 14
Arial 14United States
Canada
Portugal
SpainFrance
UK
Italy
New Zealand
Australia
Japan
Hong Kong
Germany
Netherlands
Belgium
Singapore
% who think that people live better in their own country
2. Where do people live best?Overall, retirees are more satisfied with the living conditions in their country. (U.S., Canada, Australia and France indicate highest satisfaction levels.)
Q.1 Working and Retired: In your opinion which country offers the best standard of living?
86%
90%
WorkingRetired
56%
66%
39%
60%
10%
17%
60%
65%
65%
75%
58%
50%
83%
92%
75%
88%
54%
66%
85%
93%
65%
74%
66%
64%
86%
88%
61%
70%
« AXA Retirement Scope » – January 2005 - 75
Use of technology, progress, holidays, other topics Working versus retired people
« AXA Retirement Scope » – January 2005 - 76
1. Where will progress come from?All generations are unanimous with respect to the sources of progress: high confidence in medicine and the benefits of new technologies. One of every two Americans has faith in traditional institutions, such as the government or religion.
Q.2 Working and Retired: In your opinion, in the future, progress will come from…
Medical research
Technologies such as the Internet
The government, public institutions
The globalization
Philanthropic initiatives
Religions
Increased leisure time / time for oneself 54
54
47
47
50
79
89
49
51
52
54
56
84
84
In % of “YES”
Working
Retired
Base : n=403 working, n=410 retired
Socio-demographic analysis
45-64 years: 85%; 65-75 years: 76%Middle income: 81%, High income: 90%
25-44 years: 60%; 45 years and more: 43%
45-64 years: 57%; 65-75 years: 41%
Male: 46%; Female: 64%, Northeast: 64%Midwest: 63%
Male: 50%; Female: 62%, Middle income: 60%
Northeast: 51%, South: 51%Middle income: 60%
South: 59%
Middle income: 58%
« AXA Retirement Scope » – January 2005 - 77
1. Where will progress come from? (1/3)Just like the rest of the world, Americans trust medical progress and advances in new technologies. Although they have mixed feelings about the contributions and the role of globalization, initiatives from associations and the State, they are by far the most confident about religion as a factor of progress.
The Netherlands
Hong Kong
Spain
New Zealand
USA
Germany
Japan
Canada
Portugal
Singapore
Belgium
Italy
UK
France
Australia
The Netherlands
France
Hong Kong
Canada
UK
Spain
Germany
New Zealand
Australia
Belgium
USA
Italy
Portugal
Singapore
Japan
The Netherlands
France
Italy
Spain
Belgium
USA
UK
Germany
Australia
Canada
New Zealand
Portugal
Hong Kong
Japan
Singapore
10
48
42
47
47
47
50
54
58
62
54
53
60
68
76
16
42
46
49
51
54
56
56
58
59
60
61
71
74
87
54
67
67
79
71
72
75
74
79
82
79
84
78
82
86
71
75
76
76
82
82
82
83
83
83
84
85
87
89
94
29
56
83
89
89
82
86
92
87
83
89
92
94
94
95
29
57
83
83
84
85
86
86
87
88
89
90
90
90
92
In % of “YES”Medical research Technologies such
as the Internet The globalization
WorkingRetired
« AXA Retirement Scope » – January 2005 - 78
The Netherlands
Germany
Japan
Italy
Hong Kong
USA
Belgium
Australia
Spain
Portugal
Canada
Singapore
New Zealand
France
UK
The Netherlands
Germany
Spain
Italy
Hong Kong
New Zealand
Japan
USA
Canada
Australia
Singapore
UK
Portugal
Belgium
France
4
37
47
49
58
50
58
47
62
55
57
62
65
68
69
6
30
42
44
45
48
48
52
56
62
63
63
67
67
68
10
29
71
37
51
54
49
50
46
52
53
62
53
54
56
11
31
46
48
49
49
51
51
53
53
55
56
60
60
63
1. Where will progress come from? (2/3)
In % of “YES”Philantropic initiativesIncrease leisure time
WorkingRetired
« AXA Retirement Scope » – January 2005 - 79
The Netherlands
Germany
Japan
Belgique
Canada
UK
Portugal
Italy
Hong Kong
USA
Spain
New Zealand
France
Australia
Singapour
The Netherlands
Japan
France
Germany
Spain
Belgium
Australia
UK
New Zealand
Canada
Hong Kong
Portugal
Italy
Singapore
USA
7
16
18
22
28
25
23
29
27
31
34
38
42
52
54
6
11
11
13
13
14
19
20
21
23
26
26
28
49
51
14
34
49
40
55
45
54
48
52
50
53
58
62
64
76
16
26
33
39
45
46
46
48
52
56
57
58
59
61
77
In % of “YES” ReligionsGovernment, public institutions
WorkingRetired
1. Where will progress come from? (3/3)
« AXA Retirement Scope » – January 2005 - 80
2. Have you discussed your will with relatives? People discuss their wills very openly and draw them up even when young.
Q.I Working and Retired: And now, consider the question of your will.Do you discuss this subject with your relatives?Q.J Working and Retired: Have you made your will?
75
68
40
49
% of peoplehaving made their
will
% of peoplediscussing about
will
In % of «YES »
WorkingRetired
Base : n=403 working, n=410 retired
Socio-demographic analysis
3654 48
60
25-34years
35-44years
45-54years
55 yearsand more
Male: 72%; Female: 79%Northeast: 83%Low income: 59%, Middle income: 73%, High income: 89%
Male: 43%; Female: 56%Low income: 42%, Middle income: 39%, High income: 57%
Male: 64%; Female: 72%Low income: 63%, Middle income: 70%, High income: 71%
1438 50
69
25-34years
35-44years
45-54years
55 yearsand more
6779
45-64 years 65-75 years
Male: 36%; Female: 45%Low income: 24%, Middle income: 22%, High income: 52%
« AXA Retirement Scope » – January 2005 - 81
2. Have you discussed your will with relatives?Some Americans talk about preparing a will; 50% have virtually prepared their will. Similar attitudes are found in the other English-speaking countries.
Japan
Portugal
Hong Kong
Italy
Belgium
France
Sinapore
Spain
Germany
UK
The Netherlands
USA
Canada
Australia
New Zealand
Italy
Portugal
Singapore
Hong Kong
Spain
Belgium
France
Japan
Germany
UK
USA
The Netherlands
New Zealand
Australia
Canada
18
12
24
16
45
38
42
32
49
52
68
46
64
65
69
11
17
22
23
25
28
28
35
39
45
49
52
52
56
59
3
6
6
10
23
37
35
53
48
71
48
75
88
94
96
1
3
3
3
13
16
18
18
19
37
39
40
49
61
69
In % of “YES”% of people having made their
will% of people discussing about will
WorkingRetired
« AXA Retirement Scope » – January 2005 - 82Q.K Working and Retired: To whom do you intend to leave your property?
Children
Partner
Grandchildren
Another member of the family
Charity
Another person outside the family
Do not know 5
5
19
22
39
57
81
2
16
31
42
47
72
79
In % of “YES”
WorkingRetired
Base : n=403 working, n=410 retired
3. Who will you leave possessions to?Beneficiaries can include grandchildren, close friends and charities, particularly for the wealthier populations.
Socio-demographic analysis
25-44 years: 78%; 45 years and more: 65%,
Male: 63%; Female: 50%, 45-64 years: 67%; 65-75 years: 53%West: 62%, High income: 78%
25-44 years: 52%; 45 years and more: 30%
45-64 years: 29%; 65-75%: 18%
25-44 years: 35%; 45 years and more: 27%, West: 39%
25-44 years: 21%; 45 years and more: 9%
Male: 72%; Female: 86%
High income: 31%
« AXA Retirement Scope » – January 2005 - 83
3. Who will you leave possessions to?In the U.S., apart from relatives and close friends, people also leave part of their property to charities; a comparable situation in Singapore.
Hong Kong
UK
The Netherlands
Japan
New Zealand
Australia
Italy
Singapore
USA
Belgium
Canada
Germany
Spain
Portugal
France
Italy
Japan
UK
Belgium
The Netherlands
New Zealand
Australia
USA
Portugal
Spain
Canada
Hong Kong
Singapore
France
Germany
Japan
Hong Kong
Italy
The Netherlands
UK
Belgium
Australia
Signapore
New Zealand
Canada
Spain
USA
Germany
Portugal
France
3
22
13
17
26
15
27
45
30
33
35
39
49
61
50
1
2
7
7
10
17
21
26
30
38
42
47
52
56
60
13
11
24
32
40
54
63
57
67
70
64
69
75
63
67
21
24
43
54
58
67
69
72
73
77
79
79
79
81
81
78
74
71
73
83
83
82
85
81
84
80
82
88
88
87
60
63
68
76
76
76
77
77
79
79
80
83
85
88
91
Japan
Italy
Belgium
The Netherlands
UK
Spain
Australia
New Zealand
Portugal
France
Germany
Canada
Hong Kong
USA
Singapore
1
3
3
4
9
11
13
15
17
13
16
17
32
19
40
1
2
6
6
8
13
16
16
17
19
19
23
25
31
40
Children Partner Grandchildren CharityIn % of “YES”
WorkingRetired
« AXA Retirement Scope » – January 2005 - 84Q.A. Working and Retired: Do you have….?
WorkingRetired
Base : n=403 working, n=410 retired
4. Which equipment is used at home?Retirees are well-equipped with technology products. Six of every ten retirees have access to the Internet.
34
39
61
66
69
62
54
54
79
81
83
86
A videocamera
A digitalcamera
DirectInternetaccess
A mobilephone
A personalcomputer
A DVD player
In % of « YES » Socio-demographic analysis
Male: 79%; Female: 88%; Midwest: 87%; West: 88%Middle income: 73%; High income: 96%
Middle income: 46%High income: 66%
West: 54%; Middle income: 43%; High income: 57%
West: 75%; Middle income: 64%; High income: 88%
West: 72%; Middle income: 66%; High income: 82%
Middle income: 68%; High income: 93%
Middle income: 45%; High income: 69%
Middle income: 82%; High income: 92%
Middle income: 65%, High income: 95%
Middle income: 68%; High income: 90%
Middle income: 32%; High income: 46%
Middle income: 70%; High income: 80%
« AXA Retirement Scope » – January 2005 - 85
4. Which equipment is used at home?
RetiredWorking
A mobile phone
A personal computer
A DVD player
Direct Internet access
A digital camera
A video camera
475268
47
43556450
73828674
71888889
73888977
79848377
2944
3545
5868
5966
6476
6469
In %
Q.A. Do you have….?
Young retirees are as well equipped as the oldest working population.
Base : n=403 working, n=410 retired
25-34 years 35-44 years 45-54 years
55 years and + 45-64 years 65 years and +
« AXA Retirement Scope » – January 2005 - 86
4. Which equipment is used at home? (1/2)Compared to other countries, Americans seem to use more forms of technology, with the exception of cell phones. It’s the same for workers and retirees, but to a lesser extent.
Canada
USA
Spain
France
New Zealand
Portugal
Australia
Germany
UK
Belgium
Singapore
The Netherlands
Hong Kong
Italy
Japan
Portugal
Spain
UK
France
Italy
New Zealand
Japan
Canada
Singapore
Germany
Hong Kong
USA
Belgium
Australia
The Netherlands
Portugal
New Zealand
Belgium
Italy
Germany
Japan
France
Spain
Singapore
Canada
The Netherlands
UK
Australia
Hong Kong
USA
26
35
35
24
35
33
37
30
62
53
41
52
46
51
62
57
57
64
66
67
70
70
71
73
75
76
78
80
83
86
26
23
43
26
32
50
56
58
63
39
52
69
38
57
54
65
67
72
76
78
79
79
79
82
83
83
83
84
88
94
51
66
52
68
70
61
70
64
66
67
72
75
77
72
67
70
81
86
86
87
88
88
89
91
93
93
94
96
97
98
In % of “YES”Mobile phonePersonal computer DVD player
WorkingRetired
« AXA Retirement Scope » – January 2005 - 87
4. Which equipment is used at home? (2/2)
Spain
Portugal
France
UK
Italy
Canada
Germany
Hong Kong
New Zealand
Belgium
Australia
Singapore
The Netherlands
Japan
USA
France
Australia
Germany
Singapore
Belgium
Canada
New Zealand
Portugal
UK
Spain
The Netherlands
Hong Kong
Italy
USA
Japan
Portugal
France
Canada
New Zealand
Germany
Spain
Belgium
UK
Italy
Australia
Singapore
USA
The Netherlands
Japan
Hong Kong
9
18
26
20
17
20
21
27
21
26
36
39
23
37
40
28
39
40
42
44
46
46
47
51
51
51
54
55
63
64
24
19
24
29
24
25
22
19
22
26
30
33
20
34
45
34
35
35
35
36
36
38
39
39
44
46
48
49
54
67
13
18
19
36
25
48
25
40
42
27
41
46
40
42
61
50
50
53
63
68
68
69
71
71
73
74
74
77
77
79
In % of “YES”Direct Internet access Video camera
Digital camera
WorkingRetired
« AXA Retirement Scope » – January 2005 - 88Q.B Working and Retired: Have you used the internet at home in the last two weeks?Q.C Working and Retired: What do you use the internet for?
Base : n=320 working who have direct internet access, n=252 (low base) retired who have direct internet access
WorkingRetired
5. What is your usage of the Internet ?Workers and retirees make similar use of the Internet. Wealthy retirees often make online purchases.
84
16
81
19
Have used internet in the last two weeks
Have not used Internet in the last two weeks
Working Retired
Have not used Internet in the last two weeks
Have used internet in the last two weeks
% %
% %
4
7
19
44
54
49
60
94
95
4
9
25
47
56
59
67
91
95
Sites for meeting others
Participing in chat "rooms"
Chatting on IM
Downloading software updates
On-line purchasing
Managing your accounts anf finances
Reading the news
Sending e-mails
Looking for information
In %
South: 66%, West: 61%High income: 66%
Northeast: 24%, South: 31%
Northeast: 68%, South: 65%
High income: 56%
High income: 67%
« AXA Retirement Scope » – January 2005 - 89
5. What is your usage of the Internet ?Americans are among the leading users of Internet.
Portugal
Italy
Singapore
Japan
Belgium
Hong Kong
Spain
UK
Germany
France
Australia
The Netherlands
USA
Canada
New Zealand
53
32
47
37
59
32
35
57
72
75
76
77
81
84
87
62
63
66
71
72
73
73
76
83
83
83
84
84
86
87In % of “Have used Internet in the last
two weeks”
WorkingRetired
Base : people who have Internet access
« AXA Retirement Scope » – January 2005 - 90
Italy
Hong Kong
New Zealand
Portugal
Singapore
Germany
Australia
The Netherlands
Canada
USA
Spain
France
UK
Japan
Belgium
Italy
Japan
Spain
Portugal
Hong Kong
France
Germany
UK
Belgium
Canada
USA
Singapore
The Netherlands
New Zealand
Australia
Italy
Hong Kong
Portugal
Belgium
Spain
Singapour
Canada
Japan
N. Zealand
Australia
The Netherlands
France
USA
Germany
UK
5. What is your usage of the Internet? (1/2)Americans, workers and retirees alike, along with Germans, are among the leaders in online shopping; but far behind the UK’s working population.
13
4
26
21
25
19
28
34
24
36
54
51
45
6
15
21
24
30
30
33
34
36
42
45
53
56
63
79
74
64
79
81
80
89
87
93
94
88
91
93
89
72
74
77
78
81
83
86
88
89
90
91
92
92
94
95
82
93
86
94
95
97
91
94
95
93
98
94
96
83
92
92
93
94
94
94
95
95
95
95
96
97
98
98
Base too low
Base too low
Base too low
Base too low
Base too low
Base too low
In % of “YES”Looking for information Sending e-mails
On-line purchasing
WorkingRetired
Base : people who have Internet access and have used it during the two weeks of the interview period
« AXA Retirement Scope » – January 2005 - 91
Italy
Japan
Hong Kong
Spain
Portugal
Singapour
UK
France
New Zealand
USA
Germany
Canada
Australia
Belgium
The Netherlands
Italy
USA
France
Belgium
New Zealand
Canada
Australia
Germany
Hong Kong
Portugal
The Netherlands
Singapore
UK
Japan
Spain
5. What is your usage of the Internet (2/2) ?The Internet is highly rejected by Americans as a means of meeting other people.
Italy
France
Japan
Belgium
Hong Kong
Spain
USA
Singapore
Germany
Portugal
Canada
New Zealand
The Netherlands
UK
Australia
26
32
38
28
44
25
53
43
53
45
33
42
60
15
26
26
34
35
43
47
48
48
50
50
51
53
55
62
19
28
43
27
40
50
42
49
51
53
57
53
52
12
16
37
47
47
50
52
56
57
59
60
63
65
67
74
4
0
4
10
2
5
5
5
11
3
7
8
21
3
4
5
6
6
7
7
9
11
11
13
13
14
15
68
Base too low
Base too low Base too low
Base too low
Base too low
Base too low
In % of “YES”Managing your finances
Sites for meeting others
Downloading software updates
WorkingRetired
« AXA Retirement Scope » – January 2005 - 92
Retirement is an active and positive stage in life!
People who work have a positive image of retirement. They imagine retirement as a period during which they have more time for themselves and to do what they enjoy. For this reason, workers dream of retiring at an earlier age than their elders, at 55 years old. Despite this wish, they are well aware that they will not be retiring until the age of 63.
Retirees have an even more positive attitude toward retirement. It is an active period richly spent in physical and manual activities: travel, hobbies, sports, volunteering, gardening and DIY projects.
An important way in which retirees take advantage of this free time is by helping out their children and grandchildren: workers and retirees alike agree that one role of the elders is to transmit knowledge and experience to younger generations.
3 – Conclusions (1/5)
« AXA Retirement Scope » – January 2005 - 93
A watershed: people think about retirement early on and prepare for it financially.
Workers, as the retirees did before them, think about retirement very early on. The majority have prepared for it psychologically (early in life, they think about what they will do and where they will live) as well as financially.
They are very realistic about their future retirement, which they understand will certainly be graced with fewer financial resources, but which will offer an equivalent or better standard of living.
In the end, thanks to the complementary measures, taken individually in a country where the government offers minimal social security, Americans have widely accepted individual savings as the primary source of financing for retirement. Six of ten Americans believe their retirement income is and will be sufficient.
For workers and retirees alike, preparing for retirement consists in significant use of life insurance policies, savings plans with tax incentives, and “generic” precautionary savings, in a country where the government is not in any way the cornerstone of the system.
For information about retirement, workers would turn to private sources first: advisers specializing in retirement issues, banks and the employer. In fact, employers play a key role in this economy, where retirement benefits are dictated by private businesses.
3 – Conclusions (2/5)
« AXA Retirement Scope » – January 2005 - 94
What about tomorrow?
For four out of ten workers/retirees, retirement is expected to be the subject of a reform, even if they do not expect major change and even if Americans rely primarily on their own savings to pay for their retirement.
3 – Conclusions (3/5)
« AXA Retirement Scope » – January 2005 - 95
3 – Conclusions: the United States in the World (4/5)
The U.S. is one of the countries where people wish to retire early and where the desired retirement age limit is one of the lowest.
Like elsewhere, people have a positive image of retirement. In particular, U.S. retirees are distinguished by a more positive perception than retirees elsewhere.
Americans live an active retirement with travelling being the number one activity – contrary to numerous countries where travelling is the dream of those who work and barely carried out by retirees. American retirees are those who take the longer vacations. However, they are the least likely to have a hobby, do some gardening, a DIY activity, or a cultural life, etc....
As everywhere else, in the U.S. there is a consensus on the social role of transmitting knowledge and experience from retirees to the generations after them; Americans particularly emphasize their role as grandparents.
On the material level, they are more optimistic than elsewhere on changes to their income, and their retirement lifestyle and retirement income are considered sufficient.
« AXA Retirement Scope » – January 2005 - 96
Americans, along with the Dutch and Germans, are best informed about their retirement conditions. And just like in the other English-speaking countries, the UK and the Pacific region countries, Americans turn to financial advisers for information about retirement.
They also appear to be highly prepared for retirement. A significant majority of working Americans invests in various financial products; the U.S. is the country where workers and retirees alike invest in various types of financial products to prepare for their retirement.
Lastly, Americans are the first to make arrangements to ensure their independence in case of illness.
These attitudes are consistent with the Anglo-American culture of individual responsibility: just as in former Commonwealth countries, the individual is considered as the first to be responsible for arranging his/her pension. Pension funds and company pension plans also play an important role for Americans while the Government’s role is more minimal.
Against this background, Americans do not expect any reform to their retirement system in the coming years.
3 – Conclusions: the United States in the world (5/5)
« AXA Retirement Scope » – January 2005 - 97
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