Many middle-aged and older adults have serious concerns about their financial security in retirement, are doing little to improve their financial picture and, in many instances, don’t know where to turn for help, according to a survey by The Hartford Financial Services Group.

The Hartford’s second-annual international retirement survey, conducted this summer by independent research agency Opinauri, polled more than 6,500 consumers aged 45 and older in the UK, US, Germany, Japan and South Korea.

“Around the world, adults who’ve worked their entire lives have differing visions of what they want their retirement to look like, yet unfortunately they struggle to make that vision a reality,” said Liz Zlatkus, Hartford Life co-chief operating officer and president of its international wealth management division. “The Hartford’s research points to a tremendous need for financial education and professional advice about investing for long-term goals.”

Consumers across three continents and five countries expressed common concerns about having sufficient financial resources to live comfortably and securely in retirement:

Overwhelmingly, respondents said they had at least some concerns about having enough money in retirement. In Japan, nearly nine in 10 people (87 per cent) had at least some concerns and 52 per cent were “extremely” or “very” concerned. A similar picture exists in the US, UK, Germany and South Korea, where 79, 66, 69 and 65 per cent, respectively, indicated at least some level of concern about having enough money in retirement.

Despite concerns over finances, few people have taken action to improve their financial position for retirement in the past year. That is true for seven out of 10 people in both Japan and South Korea. Many people in Germany (62 per cent), the UK (51 per cent) and the US (42 per cent) confirmed they were treading water financially as well.

Many people across the world are risk averse when it comes to investing. People in South Korea (79 per cent), Japan (69 per cent) and Germany (71 per cent) are highly risk averse. The UK (59 per cent) and the US (41 per cent) were also risk averse but to a lesser degree.

Increasingly, people say they do not know where to turn when it comes to obtaining credible financial advice. That sentiment increased in 2007 from 2006 in Japan (44 per cent from. 38 per cent), the US (27 per cent from 19 per cent) and the UK (16 per cent from 13 per cent). South Koreans (35 per cent) say much the same.

The leading source for financial advice and information in Japan was the news media (33 per cent), with friends and relatives (19 per cent) coming in second. Financial planners and accountants were sought out by just 9 per cent and banks 11 per cent.

The survey also uncovered some important differences. Having enough money to enjoy one’s life was cited as a key concern in the UK (46 per cent) and the US (43 per cent), but much less so in Germany (25 per cent), Japan (24 per cent) and South Korea (12 per cent).

Affording health care is a major concern in South Korea (62 per cent), Germany (30 per cent), the US (28 per cent) and Japan (26 per cent) but much less so in the UK (7 per cent) where most people have access to publicly financed health care.

Respondents were split on how confident they were about whether all their sources of retirement income, when combined, would be sufficient. Three in four Japanese said they are less than confident compared to 44 per cent in the UK. The level of concern increased dramatically in the US rising from 28 per cent in 2006 to 40 per cent in 2007.

The Hartford’s survey also highlighted a major global trend that many people plan to continue working in some capacity while retired, some for the foreseeable future. In the US, for instance, one in two people say they plan to work in their current job as long as possible, slow down but continue working, or start a business or other venture while retired.

Retirement continues to be viewed by most people as a time for leisure pursuits or charitable endeavours. This is especially true in Europe where more leisure time was a big goal for many in the UK (66 per cent) and Germany (59 per cent) as well as Japan (58 per cent) and the US (54 per cent). But only one in 10 Koreans equates retirement with more down time.

“In every market The Hartford serves, we are working with financial professionals to help people understand the long-term financial challenges that retirement brings and prepare accordingly,” said Ms Zlatkus. “We are focused on meeting the financial needs of retirees in the US, UK and Japan.”

The Hartford, one of the largest diversified financial services companies in the US, reported 2006 revenues of $26.5 billion and assets under management of $326.7 billion. International operations are located in Japan, Brazil and the UK.