Pension under threat: almost 60% of Greeks do not save money for old age

Almost six in ten Greeks are not saving for retirementdespite the fact that most understand the importance of financial preparation for old age. This is evidenced by data from a large-scale study by Insurance Europe.

Participated in the survey 12,700 citizens from 12 European countriesincluding Greece. According to his results, 4 out of 10 Europeans And 6 out of 10 Greeks do not form any pension savings, even despite growing concerns about future income levels.

As emphasized in the statement Union of Insurance Companies of Greecethe findings indicate an urgent need for targeted public policies, consultation mechanisms and institutional frameworks that support reliable and long-term retirement savings.

The key conditions for the financial stability of citizens are called informing the population, restoring trustas well as access to secure, transparent and flexible pension products.

Private insuranceaccording to experts, plays an important role in strengthening economic security, providing additional income in old age and supplementing the state pension. Thus, it contributes to the sustainability of the entire pension system.

The situation in Greece: key findings

• 59% Greeks do not save for pensions (vs. 41% on average EU).
• 76% are positive about the idea of ​​savings, but:
  • 44% would like to save, but do not have the financial ability;
  • 15% plan to start soon;
  • 17% are interested but recognize a lack of information.
• Among those who started saving:
  • 29% did this after consultation with the insurance intermediary;
  • 30% – after discussions with friends or via social networks (in the EU – 21%);
  • 19% joined group programs through an employer.
• Reliability of savings, as well as solvency and reputation of the provider are decisive factors when choosing a pension product.
• 49% prefer payments in the form of a lifetime pension, 27% – one-time payment.
• However, when choosing between 50,000 euros at a time or 2,500 euros annually for life, 62% would choose a one-time payment.
• There is a clear preference combination of digital information and live consultation.

The conclusion of the study is clear: The problem of pension savings in Greece is not psychological, but structural and economic nature. There is awareness – most do not have opportunities.

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