63% of Romanians think they will have to work after the retirement age

63% of Romanians think they will have to work after the retirement age

Only 26% of Europeans expect to have the same standard of living after retirement.

Approximately 54% of Europeans expect to remain active on the labor market after retirement age, according to the 8th international savings survey ING, which was attended by 14,695 respondents from 15 countries, including 13 in Europe. The highest percentages were recorded in Romania and in the Czech Republic (63%).

The notion of "retirement" in the traditional sense will soon become obsolete, according to the ING survey.

Approximately one-third of respondents said they did not know when they would retire (29%) and another 11% thought they would continue to work for the rest of their lives. 43% of Romanians believe that pensions will be lower than their contributions.

62% of Europeans are worried that they will not have enough money after retirement. 58% of respondents said they would opt for a form of temporary work, either in a similar field (36%) or different from the current one (23%).

The funds available after retirement are a cause for concern and their savings are low.

42% of survey respondents say they have no savings of more than three salaries, with the minimum reserve fund being equivalent to three to six salaries.

Romania ranks second (58%), after Turkey (60%), in terms of lack of savings over a period of more than three months. The opposite is Luxembourg, with only 25% of people saying they have no money saved.

About 69% of Romanians claim they can not save because of too low incomes and in the same percentage, say they do not get their money until the next salary. If they remain without money, 63% of Romanians responded to their spending, 42% of them being borrowed from family or friends - the largest share at European level (with an average of 20%) and 24% use your credit card.

"The findings of the study reflect the difficulties many people face in trying to achieve their long-term savings goals. Most Europeans have reported that they are monitoring their daily spending, but many agree that they are still facing financial challenges, anticipating that they will work after the retirement age. Long-term planning is difficult in the context that many respondents said they are failing to save in the short term, a trend observed in all the countries surveyed. "Jessica Exton, behavioral science specialist at ING.