Self-reliance seen as key to coping with future risks: survey

The Risk Perception Survey, which polled 22,000 people across 19 markets on five continents, was conducted by Gallup and commissioned by Swiss Re as part of its 150-year anniversary. When asked which risk they perceived to be the greatest, the economy featured as the leading concern globally, as well as in the US, UK and France. However, people in South Africa, Brazil and Mexico feared crime and political unrest most, while those in China and Switzerland were worried about climate change and pollution. Germany, Singapore and Japan are most concerned with risks associated with an ageing population.hideInterestingly, the survey found that people tended to worry about the same risks, whatever their age and gender. A similar proportion of people across age groups identified the economy, climate change/pollution, natural catastrophes, food shortages and energy security as important risks. "One striking and encouraging outcome of this survey is the broad agreement between young and old—both on how they perceive risks and how societies can best address the risks,” said Swiss Re's Group Chief Risk Officer, David Cole. “This alliance between the generations is exactly what we need to create the inclusive, resilient communities of tomorrow." However, there are some differences in perceptions between generations. For example, older people were more concerned with the cost of ageing societies while the young saw more risk in crime, terrorism and civil unrest. The study also found that men and women see eye to eye on risk. The proportions of men and woman identifying the economy, crime, terrorism and political risks, ageing societies and climate change/pollution were almost identical. Overall, some 84% of people surveyed think that climate change will be responsible for more natural disasters in the future. Nearly 80% fear damage from an earthquake, flood or other natural disasters within the next 20 years. For Swiss Re, a key finding was that people around the world say they are acutely aware of the risks they may face in the future, and are ready to shoulder the financial burden personally. At the same time, respondents to the survey want their political leaders to do more to tackle a riskier world ahead. According to Swiss Re, the survey results show that self-reliance is seen as key to coping with the risks of the future. For example, 70% of respondents said that they are prepared to take personal responsibility for their own retirement costs. Over 40% of those living in Germany and Switzerland said that they would be willing to save more, while 35% in China and 23% in Brazil would be prepared to pay more tax to ensure financial security. Similarly, 75% would use renewable energy if it were made available, but 91% want governments to do more to promote energy efficiency. "These findings show that individuals are willing to take as much responsibility as their leaders,” said Mr Cole. “The findings are a call for better cooperation between government and the private sector. It's vital to prepare systematically for the future and make societies more resilient."

Self-reliance seen as key to coping with future risks: survey

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