Survey shows UK and US Pensions Crisis is Imminent

Sunday, October 8, 2017
By Paul Martin

by GoldCore
Oct 7, 2017

Survey shows UK and US Pensions Crisis is Imminent

Both UK and US drop in Global Retirement Security Rankings
US falls due to sharp income inequality and reduced workforce to support retirees
UK is two spots away from being in the bottom 10 for government indebtedness
FCA’s Andrew Bailey says “clear risk” that savings rate for retirement is too low
UK’s retirement savings gap set to widen to £2.3trn due to automation of jobs
UK expected to fall into major pensions crisis by 2028

The economics of retirement funding is at breaking point. Thanks to low interest rates, looming inflation rates and slow growth the future of our retired populations are at serious risk.

Currently there are 600 million individuals placing pressure on already-established retirement systems. This is set to get worse as the results of the last decade of financial experimentation show themselves and ageing populations widen the cracks in our economies.

Most pension schemes were formed in a time when manufacturing and traditional bricks and mortar business were the pinnacle of Western economies. This is no longer the case. Globalisation has seen countries switch to service economies. Our financial planning has failed to keep up.

Both the United States and United Kingdom are performing so badly in retirement planning that they have dropped rankings in the Global Retirement Security Rankings.

The global retirement crisis is playing out against a backdrop of a much greater economic crisis. There is slow economic growth across major nations, rising inflation levels and a major debt crisis. No-one really knows how this is going to end.

No stranger to the United Kingdom

Natxis’ Global Retirement Security Rankings sees the United Kingdom drop one place from last year. This is mainly due to a fall in it’s health score.

It is its finances sector though which is bringing it down the most and a point of real concern for pensioners of the future.

The Rest…HERE

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