One-fifth of adults worldwide 'dipping into savings'

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One-fifth of adults worldwide 'dipping into savings'

Wed 10th Jun 2009

A new international poll has found that 20 per cent of the world's adults have been taking a hammer to their piggy banks and raiding their savings to get themselves out of debt in the current climate.

According to the HSBC survey, 13 per cent of those questioned have stopped saving completely, while nine out of ten respondents said they feel unprepared for their retirement.

A further three-quarters said that they do not know what financial state they will be in once they stop working.

Chairman of the bank Stephen Green said that pensions planning in the UK is being jeopardised by a mixture of "an ageing population, falling pension fund values, a drop in state and employer contributions and an economic downturn which is forcing people to make financial choices".

Research undertaken by actuarial firm Hymans Robertson last week revealed that 61 per cent of Brits believe the recent rise in pension taxation for higher earners may cause them to pull out of company schemes, rendering them even more vulnerable during the recession.

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