Young Hungarians are very optimistic about their retirement age. The vast majority expect to supplement their state pension with savings made during their active years, a study by the Groupama insurance group and NRC Market Research reveals.
The study shows that those aged 18-29 believe they will be able to cover almost all expenses they have now, and even luxury products above that. For example, half believe they will afford wellness weekends. Compared to this, only 30% of those just before retirement think they will be able to do this, according to a press release sent to the Budapest Business Journal.
As for sources of income after retirement, the young generation expects 37% to be provided by their state pension, 34% from savings, and the rest from work and business, and to some extent they expert their children to support them (about 8% of their future income).
The composition of expected income after retirement is much different in the case of the generation aged 50 and above. These people expect around 3% of their revenues to come from children, 10% from work, and only about 5% from previous savings, the study shows.