A New Study Finds Americans Working Longer to Fund Retirement Goals

U.S. workers toil an average of 35 years, a full 5 years longer than their global counterparts. And it's not simply because Americans are more industrious by nature. 'It reflects a higher level of awareness around the cost of retirement and less dependence on government pensions,' said Michael Schweitzer, global head of sales and distribution at HSBC. According to HSBC's 'Future of Retirement' study, younger generations expect saving for retirement to take longer than their retired counterparts. Americans preparing for retirement, for example, expect to save seven years longer than current American retirees did. The study, which tapped into the views of 18,207 people in 17 countries, revealed that 44 percent of American pre-retirees wish they started saving earlier. And while 86 percent of working people have started saving for retirement, 35 percent of those have either stopped or faced difficulties saving. Meanwhile, the study showed that 14 percent of pre-retirees have not started saving for their retirement. And while those closer to retirement are more likely to have started saving for retirement, 12 percent of people in their 50s have still not started saving. 'People are afraid to confront their financial realities,' said Schweitzer. The results also showed that American men save earlier and more than women. 17 percent of women have not started saving for retirement at all, compared to 10 percent of men. On average, men began saving at the age of 29 while women waited until 34.