About one in four people living in Europe (27%) have nothing saved. That’s the stark truth revealed in the latest ING International Survey, which polled nearly 15,000 people across Europe, the USA and Australia.
In addition, two in five (42%) of the Europeans who have savings have no more than three months’ take-home pay put aside. And if people cannot save today, how can they plan for a secure retirement?
Many expect to keep working
Our survey shows that about half (54%) of the not-yet-retired across 13 countries in Europe expect to keep working, needing to earn at least some income after they reach official retirement age. Results are similar beyond Europe, in the USA and Australia.
In Europe alone, two-thirds (66%) tell us they simply don’t earn enough money to save anything. About 14% reveal that unexpected expenses destroyed any savings buffer. Around half (51%) tell us their pay doesn’t always last until the next payday.
Yet, despite differences across countries, most also say that it’s not just the role of the state or of employers. Many agree that retirees should bear a certain amount of responsibility for their financial situation once retired. Read the full ING International Survey Savings 2019.
This article is related to the ING International Survey: