- A Europe-wide public opinion survey, conducted by Insurance Europe, revealed significant findings related to retirement savings. The aims of this initiative was to document citizens’ views and preferences on optional retirement savings, to investigate the extent to which this is being affected by current economic conditions (inflation), and lastly, to draw up recommendations for adopting policies regarding savings products.
Taking part in the survey were 15 European countries, including Greece, with a sample of 15,789 adults in all countries, of various occupations and educational levels.
The main findings that apply to Greece
* 63% of participants believe they will need supplementary retirement savings to maintain their standard of living.
* The protection gap in optional retirement savings is 47%, according to the survey findings (while the average in participating countries is 39%).
* 48% (compared to the 31% average) of respondents stated they would be interested in retirement savings in future, but they do not have the financial capacity. About 19% said they were interested but wanted more information on retirement products, while 13% said they planned to begin saving for retirement in the near future.
* 18% said they were interested in tax incentives that would encourage retirement savings.
* Information about the cost and guarantees are a priority both at the pre-contractual phase and after signing the agreement, where yield is added.
* The security of the savings, on one hand, and the transparency and trustworthiness of the provider, on the other, were highlighted as exceedingly important when searching for a savings product.
Main findings that apply to all countries
* The gap in retirement savings in Europe still remains. At least 39%, i.e. more than 1/3 of respondents, are not saving for their retirement years.
* Nearly 2/3 of respondents (58%) acknowledged that additional conserving of resources would be needed to maintain an acceptable standard of living in retirement.
* Women save less relative to men.
* Current economic conditions negatively impact retirement savings.
* Assurance and security (paid capital guarantee) are a priority for consumers relative to retirement products.
* 71% of respondents prefer to receive digital information.
* Differences were noted amongst countries, depending on their retirement system.
* Citizens’ personal living conditions influence and differentiate their views with regard to retirement savings.
* A generalised lack of optimism was noted.
Huge gap in retirement savings in Greece
