The number of people aged 60 years
and over is increasing. ;According to the UN, by ;2050 it is projected
to reach almost two billion, or 22% of the world’s population. Increasing
longevity is changing the way we live and work. HSBC is dedicated to advancing
the global debate on maturing populations and our changing approach to ageing
and retirement. By building a vast resource of knowledge to engage and inform
a range of people worldwide, we aim to help governments, individuals and businesses
better understand the significant changes they are going to experience.
The Future of Retirement: What the
world wants study is the world’s largest
survey on attitudes to ageing, longevity and retirement conducted amongst
21,329 individuals and 6,018 private sector employers in 20 countries and
territories across five continents. The results compare the attitudes of employers
and consumers regarding ageing and retirement.
Egyptians view their later years as a time for slowing down and spiritual
reconciliation. Egyptians are the most concerned, of all countries surveyed,
that they are going to be bored and lonely in their later years. Egyptians
support enforced additional private savings as the best approach to avoid
a retirement funding shortfall.
- Ideally,
in old age Egyptians would like to live with their family, who will also
take care of them if they become sick or disabled. - Many would
like to have a balance between leisure and work in their later years. In
Egypt, work is a potential source of meaning and purpose. - Many have
never calculated how much money they need for retirement or have saved any
money specifically for retirement. - Egyptians
think that the responsibility of their retirement costs should be shared
between themselves and their children.
Companies in Egypt conform to the international average in terms of the
flexible working policies they offer older workers. Egyptian employers believe
more than any other country that older workers are more expensive to employ
than younger workers. However, they do value older employees, finding more
than any other country that surpass younger ones in terms of motivation.
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