European Sentiment About Retirement and Working Longer Follows US Trends

The perceptions about retirement for all Europeans are shifting with the economic times and are beginning to look more like attitudes about retirement in America.  According to a recent survey by Aon Consulting, more than half (55%) of Europeans believe they will have to delay their retirement because of the current economic climate.  French and German workers are the most pessimistic, with 74% and 73% thinking about extending their working careers respectively, followed by the Irish (65%), the Swiss (67%) and the British (60%).  More than 80% of both Irish and British workers think they will have to delay retirement by over two years due to current economic conditions.


Oliver Rowlands, head of retirement, Europe Middle East and Africa, at Aon Consulting commented: "Recent events have shown the value of defined contribution pension funds can go down sharply in a recession, which has come as a shock to many people used to gold-plated defined benefit pensions and generous state benefits. As responsibility for retirement savings has moved from the state and corporations to the individual, people are increasingly realising they need to take an active interest and take steps, such as delaying retirement, to make sure they are financially secure in retirement.”

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