Contributions to supplementary pension schemes are still not made by 41% of Europeans, according to the results of a survey by the European Association of Insurers Insurance Europe, according to its website.
“Despite the growing awareness of the need to save, 41% of Europeans still do not contribute to supplementary pension schemes, with national rates ranging from 16% to 65%,” the information said.
According to the information, the fourth edition of the survey, which covered 12,700 respondents from 12 markets (Austria, Belgium, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Spain and Switzerland), confirms that a growing proportion of people are aware of the importance of saving, but financial pressures, information gaps and behavioral factors still prevent many from taking action. Women, the unemployed and workers in non-standard jobs remain disproportionately affected.
The gender gap also persists, with the proportion of those not saving reaching 46% for women compared to 35% for men.
Advice remains a crucial incentive to act: 31% of respondents started saving after being advised by an intermediary or adviser, while 25% started through employer schemes or automatic enrollment. Public awareness campaigns motivated only 3%.
Security remains the top priority for European savers, with 81% of savers favoring products that guarantee at least their capital. Women are even more security-oriented, with 85% preferring capital protection compared to 77% of men. Only 19% of respondents prefer higher risk options in pursuit of higher returns.
“With demographic pressures rising in Europe, the survey highlights the growing risk of insufficient retirement income and over-reliance on public pension schemes. It shows that personalized advice and tools such as pension tracking systems are key to turning awareness into action,” highlights Insurance Europe.
