Technology could hold answers for people feeling insecure about their retirement savings, according to Mercer’s latest research.
Mercer’s Healthy, Wealthy and Work-Wise report, which surveyed 7,000 adults and 600 senior leaders from 12 countries, found that people globally are largely underprepared to face retirement financially.
Only one-third of people were confident that they had sufficient savings to live past 80, and just 26 per cent thought that they could save enough for retirement. A majority of 68 per cent did not expect to ever fully retire.
Mercer found that technology could aid people in savings management and retirement planning though.
“Technology provides new opportunities for improving short and long term savings,” the report said, finding that it was “the pathway to enhance savings.”
Ninety-three per cent of 18-34 year-olds were interested in using online tools to help track and manage their financial data. Eighty-five per cent of adults overall were, and two-thirds of all adults showed comfort in managing their savings using mobile banking, online tools and smart apps.
Mercer pointed to the potential for businesses to show leadership in helping employees manage their retirements.
“Overall, business leaders have an opportunity to address both the financial and behavioural needs of the workforce generally and of the growing population of digital natives specifically by providing secure, easy-to-use, do-it-yourself digital tools and apps that assist employees in making better decisions now and for the future,” the report said.
