Only 40% of young people intend to rely on state for retirement

Analysis

Hungarian young adults aged 20-29 named the family as one of the two most important goals in life (58%), slightly behind financial planning for the future (50%), followed by the enjoyment of life, in a survey of 16 countries by insurer Aegon, writes novekedes.hu.

In terms of specific finances, covering basic expenses was most important for young people (61%), followed by the enjoyment of life (40%), and then independent home ownership (35%).

Fewer than average, 16% can give the correct answer to three basic questions assessing financial literacy, and will rely primarily on the state (40%) to finance their retirement years.

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