Wednesday, May 30, 2018
The Argon Retirement Readiness Survey of 2018 was a three question survey given earlier this year online to 16,000 participants in 15 countries. The majority of those that took the test failed, illuminating a sobering lack of financial literacy.
Health was a common concern for may people, with 31 percent of Americans citing that worries of developing dementia of Alzheimer's being a primary worry during retirement age. More than 20 percent of workers didn’t grasp how higher inflation hurts their buying power.
One of the strangest findings of the survey was found following the question about “aging friendly modifications or devices” people envisioned having in their homes. Thirty-five percent of workers in India, 34 percent in Turkey and 18 percent in the U.S. figured aging could include video monitoring devices. Then there are the robots, which 20 percent of Chinese workers see coming in retirement, compared with 6 percent of American workers.
See Suzanne Woolley, The World Isn't Prepared for Retirement, Bloomberg, May 29, 2018.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.