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.
Malaysians view retirement as a time for relaxation where they can spend
time with family and friends, and travel. Family and friends, and staying
healthy are the greatest sources of happiness for Malaysians. If they are
to work at all during retirement, they prefer either to work part-time or
to go back and forth between periods of work and leisure. Some of the biggest
concerns for Malaysians in their later years are centred on health and security.
Malaysians support enforced additional private savings as the best approach
to avoid a retirement funding shortfall.
- They are
most likely to associate retirement with freedom and happiness, and least
likely to associate retirement with fear. - In later
life, Malaysians would ideally like to live close to family and friends,
and in a better climate.
- Malaysians
feel that they should bear the burden of supporting their retirement, with
little involvement from their family and the government. - Malaysian
employers are split on their view of older workers retiring. When older
workers retire they think that it makes room for younger workers and that
they lose valuable knowledge and skills.
Few companies in Malaysia actively try to recruit older workers. While
older workers are viewed by many Malaysian employers as more technologically
oriented, reliable and loyal than younger workers, Malaysian employers are
among the least active in the world at offering them flexible employment practices.
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