Hungarians start saving for retirement at 40

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Young Hungarians are aware of the necessity to save money for retirement, but do not act accordingly, at least not until the age of 40, a study by pension fund OTP Nyugdíjpénztár shows.

The study, conducted with the participation of 1,000 respondents, shows that almost half of young Hungarians (47%) believe that they should start saving for retirement before the age of 25. Compared to this, most of those joining OTP Nyugdíjpénztár are aged around 40, business daily Világgazdaság reported.

Some 70% of respondents indicated that ideally they should start saving between the age of 18 and 35 in order to have a stable financial position after retirement. Although they do not yet act accordingly, the study shows that a positive shift in mentality has begun.

Young Hungarians of Generation Y, the millennial generation of people born during the 1980s and early 1990s, believe that saving should start before the age of 25, around 20% higher than the responses measured in the total active Hungarian population, the study shows.

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