Money: A Planetary Problem, Nielsen Says
It’s a small world, after all. The proof: We all worry about money.
That’s the conclusion from a Nielsen survey of 30,000 consumers in 60 countries, from North America to the Middle East. In fact, all over the planet, we suffer from the same delusion – we don’t have enough money now, but we’re sure we’ll have enough later.
“Seven out of 10 global respondents (69 percent) believe they will achieve all their financial goals for the future,” Nielsen says in its Global Survey of Saving study released last week. “But of those, just 28 percent trust their current planning will be enough.”
Basically, all over the world, we’re hoping more than planning for our retirements.
“The greater number of respondents planning to save in the future versus saving now suggests an opportunity to better educate consumers,” says Oliver Rust, Nielsen’s senior vice president for Global Financial Services.
And while it’s true that it does present an opportunity for financial education, it doesn’t seem like we’re heading in the right direction. Every day, mailboxes all around the country are filled with zero-percent financing offers and other such promises from credit card marketers and whoever else. It’s become a part of our culture and that hasn’t changed even after the financial crisis of 2009.
Still, Nielsen found some financial differences among the continents. For example…
- North Americans (39 percent) save more for “household emergencies” than Europeans (32 percent).
- More Asia-Pacific residents (55 percent) save for “health-related issues” than North Americans (33 percent).
- “In Europe, 40 percent of respondents indicate they have no intentions to save for retirement at all, compared to the global average of 22 percent who do not plan to save.”
If you want to learn more about retirement than many Europeans, check out Consolidated Credit’s Planning for Your Golden Years section. The advice is free.