Mercer’s Healthy, Wealthy and Work-wise - new global research identifies critical imperatives for financial security in the areas of health, action, technology and structures. The study, was conducted in collaboration with the WEF, and across 12 countries, 7 regions with 7,000 adults 18+ and 600 senior decision makers from private and public sectors. The Nordic consumer study was fielded among 1008 adults aged 18 years old or older with quotas applied to ensure the sample matched Norway ratios for age (deciles), gender and regions and 102 Nordic executives or business owners.
The research showcases relevant data and outlines potential actions to improve financial security, including the following findings:
- People in the Nordic and Norway are not confident they will have enough money to retire: People expect to spend 16-21 years in retirement, but without better planning, many will outlive their savings. Only 30% are confident they can save enough for retirement. 42% of Norwegians are at least somewhat stressed about their financial situation.
- The retirement age is gone: The expected retirement age no longer applies, as people are working longer either out of choice or from economic necessity. More than half of the people in the Nordics and 60% of Norwegian respondents expect to keep working in some capacity or never retire. As working longer requires a degree of physical fitness, health is now vital to wealth. 44% say their health causes them stress with regard to their financial security.
- Employees trust employers and the government to give sound financial advice about their savings and pension: Survey results demonstrate that Norwegians have a very high degree of trust in employers’ advice, with 90% of those surveyed claiming they trust employers to give sound, independent advice on planning, saving and investing. The highest of all surveyed countires. 82% trust the government for sound financial advice.
Per Myklestu, CEO of Mercer Norway “The high degree of trust employees have to their employer when it comes to pension advice gives new insights and perspectives on the need to increase the engagement from employees in decisions related to their pension plans going forward, including how the funds are invested. To manage this trust properly, introduction of good DC governance will be key in every company going forward”.
“The current state of financial security calls for revolution,” said Renee McGowan, Global Head of Individual Wealth, Mercer. “The good news is that if action is taken now, there are opportunities to address the financial savings gap and put us on a path that runs concurrently with today’s cultural norms. Society is changing – and our approach for savings and financial security should change right alongside it.”
Mercer, a global consulting leader in advancing health, wealth and career, and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), today announced findings from a new survey focused on financial security.
The Healthy, Wealthy and Work-Wise: The New Imperatives for Financial Security research and methodology can be found here.
Notes to Editors
Mercer delivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 22,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 60,000 colleagues and annual revenue over $13 billion, through its market-leading companies including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment.