The firm’s fifth annual Future of Retirement study, entitled It’s Time to Prepare, made the finding after quizzing 15,000 people in the US, the UK, Europe, Asia, the Middle East and South America, making it the biggest survey of its kind in the world.
The global findings also showed that only a quarter of those asked (27%) feel they fully understand their long-term finances and that only 43% had undertaken some form of financial planning for later in life.
Stephen Green, group chairman of HSBC, said the answer was greater support and guidance in schools and colleges, but also through greater contact with financial advisers.
The survey revealed that 43% of respondents have never had any form of financial education and 47% have never had any form of professional advice.
The impact of the recent downturn was also measured. The survey found only 19% will now retire as planned as a consequence, 18% are now using savings to pay off debt, and 9% plan to delay their retirement.
HSBC will use the findings of its survey to help it innovate new financial products and solutions globally.
