does it include home ownership? I doubt it. Home ownership can be viewed as a sort of savings account in which equity is earned that can be liquidated later in life. Downsizeing to a smaller home once the kids are gone and the mortgage is mostly paid, is one way to help plan for retirement. I don't know any hard numbers, but I'd bet their are more homeowners per capita in the US than anywhere else. If that's the case the undersaving numbers aren't so bleak as they appear.

On the other hand it only really works if folks exercise restraint with credit cards etc. Seeing the credit trend in America makes me think perhaps it could be as bleak as described after-all.

-Steve G.