News

2019.10.01 16:53

Fourth of Estonians do not expect to afford retirement

BNS, LRT.lt 2019.10.01 16:53

A little over one fourth of Estonians, 26 percent, do not believe they will ever retire, according to a survey by Luminor bank.

Of those who believe they will be able to retire, a third have said they do not expect to do so before the age of 70 and 13 percent expected to quit working at 66-69.

The bank has surveyed its clients in Estonia who save in second-tier pension funds. Younger people, men and Russian speakers are more likely to be pessimistic about their prospects to retire, BNS reports.

Among the respondents under 37, as many as 35 percent do not expect to ever retire. The share is 23 percent among those aged 37-60.

Luminor Pensions Estonia head Martin Rajasalu comments that, while some people may simply not wish to retire, many probably expect that the state will keep raising the retirement age so that they will never reach it.

The survey also shows a deep mistrust of the pension system among the Estonians. Only 7 percent say it is fair and as few as 3 percent believe it will meet their financial needs.