80% in dark over savings for post retirement

80% in dark over savings  for post retirement
Reuters file photo

Dubai - The study carried out by the deVere Group, one of the world's largest financial advisory organisations, has found that 78 per cent of employees do not know how much money they need to fulfill their plans before they sought help of a financial adviser.



By Staff Reporter

Published: Tue 8 Mar 2016, 11:00 PM

Last updated: Wed 9 Mar 2016, 5:10 PM

Almost 80 per cent of workers, including those in the UAE, underestimate how much they need to be putting aside for their retirement, according to a newly released research.
The study carried out by the deVere Group, one of the world's largest financial advisory organisations, has found that 78 per cent of employees do not know how much money they need to fulfill their plans before they sought help of a financial adviser.
"This is true across all incomes, working age brackets and nationalities," said Nigel Green, deVere CEO and founder.
"In the last few years, it has become clear that working age people do increasingly understand the need to save for their retirement," added Green.
"They know that the government won't be able to support them as it has done for generations before due to an ageing population and shrinking workforce. Also, they are aware of significant rise in living, health and care costs; that company pensions are less generous - if they exist at all - and that we're all living longer, meaning that accumulated funds need to go further."
"However, what is alarming is that the vast majority do not know just how much they will need to save. This black hole in the detail - not knowing how much they will need in something as fundamental as funding their retirement - is extremely concerning indeed."
reporters@khaleejtimes.com


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