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Accenture: People Globally are Worried about Outliving their Money at Retirement
August 14, 2012
By Rob Starr, Content Manager, Big4.com
According to a global Accenture (NYSE: ACN) survey of more than 8,000 people from 15 countries, more than 82 percent are worried about their financial situation after retirement. Eighty six percent said they would be motivated to purchase a retirement product from a provider that would offer them clear comparisons between several investment options highlighting the “pros” and “cons” of each of these options.
As well, 82 percent would want to have a clear understanding of what their financial needs would be after retirement, and a clear illustration of projected financial value of each investment option. Compared to the global average of 82 percent, Britons, Germans, Australians and Americans are the most optimistic with 65 percent, 66 percent, 69 percent and 70 percent of respondents respectively who say they are worried about their financial situation after retirement. South Koreans (95 percent), Mexicans (92 percent), Russians (92 percent) and Spanish (91 percent) are the most pessimistic.
People in the developing economies are much more conscious of the brand of the financial institution that manages their retirement products, with an overwhelming majority of respondents in China (99 percent), Brazil (97 percent), India (96 percent), South Korea (94 percent), Poland (93 percent), Mexico (91 percent) and Russia (90 percent) saying brand is important in their retirement product selection criteria. While less than half (49 percent) of Germans, and only 58 percent of Britons say brand is important in their selection.