Retirement: worrying perspectives

According to a recently completed study by BellResearch, nearly half of the people above 35 years of age consider their post-retirement financial perspectives most worrisome. The study, prepared for AEGON Hungary, pointed out that the reorganization of the pension system has made people pay more attention to their post-retirement years. The study found that four out of ten people are most concerned about their retirement, and every fifth person deals with this question on a regular basis.

At the same time, however, the majority of respondents, 59%, are not seriously concerned with preparing for retirement.

The study highlighted that the over 35s are most concerned about unemployment and staying afloat. These areas of concern are followed by retirement: around 51% of the active population is seriously worried about its future pension, and 90% expect a post-retirement income lower than that of current pensioners. Also, 81% think that one should prepare for old age and start saving.

Some 60% of respondents are seriously worried about their savings, resulting from a loss of faith in the stability of banks and other financial service providers.

The majority of respondents estimate that between HUF 10,000-30,000 should be saved each month. However, only 21% of them are open to saving. Those who exclude the possibility consider their financial situation to be better than average. Counter-intuitively, they justified not saving by a lack of resources.

As for the care of the elderly, it is the family that is primarily responsible, the majority of people taking part in the research agreed. Some 40% would expect family members to support them in case of need. Interestingly, a greater proportion of respondents are willing to move into a retirement home than would be ready to send their family members to such an institution.