Hong Kong faces the most cavernous adequacy gap, with a shortfall of around 18% in the amount people are saving versus what they need to have saved to maintain their standard of living. This is much greater than the Organisation for Economic Co-operation and Development (OECD) average of 4.5%. Squeezed by rising living costs, particularly housing, people are simply not putting enough money aside for their golden years and, as life expectancy increases, a significant proportion of the workforce faces a financially difficult retirement.
Canada is the world's most retirement-ready nation by a long shot. The famous state Canada Pension Plan, which is a mandatory programme, provides generous payouts to retirees and is estimated to have at least 75 years of sustainability. In addition, personal savings rates are high in the country and private pension coverage is widespread.