Pensions survey: more than one-third of Europeans are not saving for retirement

A Europe-wide survey has shown that more than one-third of Europeans are not saving for their retirement and 40% of people indicating that the current economic circumstances had negatively impacted their pension contributions.

Insurance Europe’s third pan-European pension survey interviewed nearly 16,000 citizens across *15 European countries. The results were published during European Retirement Week.

The survey results found that nearly two-thirds of people (58%) recognised that they would need supplementary savings to maintain a decent standard of living during their retirement. The survey also exposed a gender gap, with women tending to not only save less for their pensions, but also more often lacking confidence that their pension would be sufficient for retirement (27%) in comparison to men (18%).

We need our pension systems to become fit for purpose and fit for the future, ensuring everyone has a good quality of life in their retirement. The reality is that, looking at the currently complex landscape, people will have to save more for retirement, but not everyone has enough money to do so. The industry is committed to playing its part in increasing protection. There is also a key role for policymakers. Our policy recommendations, based on the survey results, identify some ways forward

Nicolas Jeanmart, head of personal and general insurance at Insurance Europe,

Based on the survey results, Insurance Europe also published a number of pension policy recommendations that could help create affordable and sustainable pension systems in Europe:

1. Policymakers should help to further develop multi-pillar pension systems.
2. Regulation should make it possible for insurers to keep playing their fundamental role of protection.
3. National circumstances require country-specific solutions.
4. Pension policies need to be consumer-centric.
5. Regulators should acknowledge the multiple benefits that pension products can provide.
6. Disclosure requirements need to be simpler and more targeted to avoid overloading consumers with information.
7. Pensions should be brought into the digital era.

*From Austria, Belgium, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovakia, Spain, Switzerland