Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • September 2013
09

HSBC poll highlights lack of retirement planning

Open-access content 18th September 2013

Around a fifth working people between the ages of 55 and 64 believe that they will never be able to afford a pension, according to a survey by HSBC

In a report on the future of retirement, A new reality, published today, the bank said that, of the 1,000 UK respondents to its poll, 58% prioritise saving for a holiday over saving for retirement. Only a third (32%) said they would prioritise retirement saving. Two of the most popular retirement aspirations were to travel and take frequent holidays, (31% and 49%, respectively).  

Those surveyed expect their retirement to last for 19 years, but HSBC's survey found that people's average retirement savings would only last for seven years.

Commenting on HSBC's findings, Tom McPhail, head of pensions research at Hargreaves Lansdown, said industry experts needed to talk to young workers today to inform them of how much they should be saving.

McPhail said: 'It is vital that everyone takes personal responsibility for the retirement savings,' adding that people should be thinking about if they are saving enough; if their money is invested well; and how they would draw their retirement income.

'Unless all scheme members are actively encouraged to address these questions and to plan for their retirement, it is likely that dire predictions about millions of people never being able to afford to retire are likely to come true,' he continued.

The HSBC report offered some practical tips towards a more comfortable future. They included the need for employees to: be realistic about their retirement needs; prioritise savings; be aware of how major life events affect savings for retirement; plan for the future; and use professional advice to improve savings.

This article appeared in our September 2013 issue of The Actuary.
Click here to view this issue
Filed in:
09
Topics:
Pensions
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Move into Reinsurance Pricing

London (Central)
£65,000 - £75,000
Reference
119731

Qualified Pensions Consultant

South East England
£ excellent
Reference
119752

Pricing Development Expert

West Midlands
£ excellent package
Reference
119751
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200