How well do people understand financial matters when it comes to planning for retirement?

According to the new global retirement readiness survey from the Transamerica Center for Retirement Studies and the Aegon Center for Retirement and Longevity, "The New Social Contract: Empowering Individuals in a Transitioning World," people are sadly lacking in financial literacy—one of the major problems that confront them in trying to make sure they have enough money on hand to retire.

And that makes it tougher to save for retirement, especially in a world in which more and more responsibility is being shifted to the shoulders of the individual.

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