Background: Retirement is a challenge around the globe. Aging populations, shifting labor markets, strained public pension systems, and the steady migration from defined- benefit (DB) to defined contribution (DC) systems mean more individuals must shoulder more complex savings and investment decisions. To understand how workers are coping, T. Rowe Price’s 2025 Global Retirement Savers Study surveyed 7,000 employees across Australia, Canada, Japan, the U.K., and the U.S. during summer 2025. Some universal themes emerged.Findings: Economic worries are front and center. Half of global savers expect a recession by mid-2026, and inflation tops the list of concerns (42%), followed by geopolitics (30%) and interest rates (27%). Sentiment diverges by market: 62% of Japanese and 56% of Canadian savers anticipate a downturn, while retirement savers in Australia and the U.K. are more likely to expect growth (49% and 50%, respectively). Financially stressed savers are disproportionately worried about inflation and interest rates, and younger cohorts are more concerned about stock market volatility.Workers are also juggling many financial objectives, but across all five countries more than 90% cite maintaining an acceptable quality of life and achieving financial peace of mind as top goals, underscoring the universal nature of financial worries. Managing day-to-day expenses is also a near-universal priority. Saving through a workplace plan ranks fourth globally, but country differences are notable: Japan places slightly more emphasis on non-workplace retirement vehicles than on workplace DC plans, while U.S. savers are much more likely to prioritize saving through their employer.High financial stress levels clearly indicate the need for advice, and the workplace is the leading channel to deliver it. Recordkeepers and human advisors are tied as the most relied-upon sources of guidance, with 25% of global respondents saying they rely on each “a great deal.” Workers particularly value personal consultations: 32% rate one-on-one advisor sessions as very helpful, yet only 30% say their workplace offers that option, indicating unmet demand. Awareness is also a challenge: The share of workers who either don’t know what their employer offers or say their employer doesn’t offer any resources ranges from 26% in the U.S. to 54% in Australia.These factors add up to low retirement optimism. Just 31% of global workers expect to live as well as or better than they do while working, 31% anticipate reducing their standard of living, and 17% fear running out of money. Only 27% feel confident they could withstand a major financial shock. The U.K. stands out as relatively more optimistic, while Japan and Australia are among the most pessimistic.Bottom Line: What should the retirement ecosystem do to improve outcomes? Prioritizing access to personalized, workplace-based advice, preferably through one-on-one consultations, can help. We also see that younger workers are particularly financially stressed, so targeted financial wellness programs can help. However, as our data show, offering help is not enough; employers also need to raise awareness of available resources.Insights shared by guest contributors are their own and do not represent the views of DCIIA or the RRC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.Important InformationThis material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice.The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates.Issued in the USA by T. Rowe Price Associates, Inc., and T. Rowe Price Investment Services, Inc.202603-5278331