logo image

ATD Blog

Int'l Differences on Working Past Retirement Age

By

Wed May 27 2009

Loading...

ROCHESTER, N.Y.--(BUSINESS WIRE)--As the economic crisis continues around the globe, adults in the five largest European countries and the U.S. have different ideas about what it will mean for their retirement and their pensions or retirement savings. Seven in ten Germans (71%) and majorities of French (54%) and Spanish (53%) adults would oppose the idea of working beyond the current state pension/social security age to receive a larger pension while two-thirds of Americans (66%), three in five Britons (61%) and Italians (59%) would support such this idea. These are some of the findings of a Financial Times/Harris Poll conducted online by Harris Interactive among a total of 6,332 adults aged 16-64 within France, Germany, Great Britain, Spain, and the United States and adults aged 18-64 in Italy between April 29 and May 6, 2009.

Looking at what people will rely on for income during retirement, three-quarters of Spaniards (74%) and majorities of German (59%), French (56%) and Italian adults (52%) will rely on the state pensions. Two in five British adults (39%) will rely on their private pensions while one-third (32%) will rely on the state pension. Americans are more divided as one-third will rely on social security (32%), one-third will rely on private pensions (32%) and 26% will rely on other investments.

Advertisement

One question is who should be responsible for providing a secure income for individuals during retirement. Seven in ten Spaniards (69%) and 51% of Italians say the state/government should have the main responsibility. Majorities of Americans (54%), French (53%), and half of British adults (50%) as well as a plurality of Germans (46%) believe that the state, employers and individuals should all have equal responsibility for providing a secure income during retirement. Two possible ways of boosting pensions would be to pay higher taxes and/or for people to accept lower pay now. Strong majorities (between 73% and 89%) in all six countries are opposed to the idea of paying higher taxes and even stronger majorities (between 78% and 92%) are opposed to the idea of having less pay in order to receive a bigger pension when they retire.

There is a level of concern among people when it comes to their retirement and the robustness of income during that time. Three in five Americans (59%) say, compared to 12 months ago, they are more concerned about the robustness of their income as do half of Spanish (50%), French (50%) and Italian (49%) adults as well as 47% of British adults. Over half of Germans (54%) say they have the same level of concern as a year ago on this while 38% are more concerned.

(Read the entire release.)

You've Reached ATD Member-only Content

Become an ATD member to continue

Already a member?Sign In

Advertisement
Advertisement

Copyright © 2024 ATD

ASTD changed its name to ATD to meet the growing needs of a dynamic, global profession.

Terms of UsePrivacy NoticeCookie Policy