« AXA Retirement Scope » – January 2005 - 1 AXA Retirement Scope A global survey on life, work...

« 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


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


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


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


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


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



55-64 years old 14 22




Working Retired

Regions (in %)

Northeast 19 19

South 35 34

Midwest 23 25

West 23 22

Sample (2/4)Regions



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



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



How do people see retirement? What are their retirement activities?

Working population versus retired people


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


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


Midwest: 59 years


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


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


25-44 years: 60 years

45 years and more: 62 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


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)


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

%

% %

%%%

%%


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.


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



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%


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


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



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: 6%; Female: 14%, Northeast: 18%

Male: 24%; Female: 15% Male: 24%; Female: 12%

Northeast: 12%

Northeast: 15%

High income: 22%

Middle income: 21%


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


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 %


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 %


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?


%% % %

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?


45-64 years: 51%, 65-75 years: 60%

26 36

71


High income


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?


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


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.


25-44 years: 96%; 45 years and more: 91%

Male: 78%; Female: 85%; High income: 91%


Northeast: 84%, Midwest: 85%

Northeast: 81%


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


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


Presence, regular visits

Material aid other than financial

Financial aid 30

59

93

41

70

94

WorkingRetired


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.


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%


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”


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”




45-64 years: 68%; 65-75 years: 78%;

- Low income: 68%

- Low income : 64%


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


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


Working Retired

75 years

73 years

Average age



45 years and more: 75 years

Midwest: 75 years

High income: 74 years


Midwest: 76 years

High income: 75 years


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


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



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%



Midwest: 43%


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 %


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



Q.26 Working and Retired: From the following options, what would be your ideal living arrangement during retirement? [AIDED QUESTION-ONE ANSWER]


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%



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


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.




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 %


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.

%

%

%

%

% %




25-44 years : 26%

45 years and more: 13%

High income: 22%

Low income : 89%

Low income : 72%

High income : 17%



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


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.

%

%%

%% %




25-44 years: 27%45 years and more: 41% South: 39%Low income: 56%

Male: 23%; Female: 35%Low income: 60%

High income: 28%


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


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%


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%



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”


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



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%


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


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).


How do people prepare for retirement ?Working population versus retired people


3860

86


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.


years

years


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%


55 years and over : 36 years


% 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


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”


West: 80%


- Low income: 80%


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]



In %



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


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


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


High income


Male: 59%; Female: 41%High income: 59%

Middle income: 75%High income: 77%



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


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


[SPONTANEOUS PRE CODED QUESTION]

Midwest: 39%, West: 41%; High income: 43%


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


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


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%






High income: 57%



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


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


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


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.


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


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%


Northeast: 64%, Low income: 71%

Northeast: 79%

High income: 92%


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


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


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

%

%

%

%



Male: 44%; Female: 32%Middle income: 40%,High income: 42%


Middle income: 43%,High income: 48%


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


Are people happy ?Working population versus retired people


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”!


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


South: 52%Middle income: 45%High income: 55%


High income: 41%


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%

%%

%%


Working

South: 90%; Midwest: 89%

Middle income: 89%

High income : 87% South: 94%


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%


Use of technology, progress, holidays, other topics Working versus retired people


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



45-64 years: 85%; 65-75 years: 76%Middle income: 81%, High income: 90%


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%


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


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


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)


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



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%


1438 50

69

25-34years

35-44years

45-54years

55 yearsand more

6779

45-64 years 65-75 years



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


3. Who will you leave possessions to?Beneficiaries can include grandchildren, close friends and charities, particularly for the wealthier populations.


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%


45-64 years: 29%; 65-75%: 18%

25-44 years: 35%; 45 years and more: 27%, West: 39%



High income: 31%


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


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%


West: 54%; Middle income: 43%; High income: 57%






Middle income: 65%, High income: 95%





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.


25-34 years 35-44 years 45-54 years

55 years and + 45-64 years 65 years and +


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


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%


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


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


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


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)


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.



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: 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.


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)


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« AXA Retirement Scope » – January 2005 - 1 AXA Retirement Scope A global survey on life, work...

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Transcript of « AXA Retirement Scope » – January 2005 - 1 AXA Retirement Scope A global survey on life, work...