Skip to main content

According to the World Economic Forum, the U.S. Federal Reserve has found that a quarter of non-retired Americans have no retirement savings or pension, and only 36% think that their savings are on track.

The report comes at a time when financial literacy among the general population is low, with the majority of adults unable to answer questions that tested their knowledge about savings. Financial planning also diverged across ethnicity, with Black and Hispanic people being more likely than white people to have no retirement savings.

This situation is similar across the world. According to a new report by the World Economic Forum, in six major economies, retirees will outlive their savings. This issue has largely been caused by government policies aimed at cutting programs for older generations as well as the decrease in employer-sponsored pension plans.

Read more here.