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ING Survey: Over 60% of Romanians Expect To Be Working Beyond Retirement Age

Around 54% of Europeans expect to continue working after retirement age, with the highest rates among Romanians and Czechs (63%), according to the ING International Survey Savings 2019 released Wednesday.
ING Survey: Over 60% of Romanians Expect To Be Working Beyond Retirement Age
Oana Gavrila
20 feb. 2019, 13:25, English

The survey polled 14,695 respondents in 15 countries, of which 13 European countries.

Around one third of respondents said they don’t know when they would retire (29%) and 11% think they would work for the rest of their lives.

At the same time, 43% of Romanians believe their pensions will be lower than their contributions to the pensions system.

Around 69% of Romanians said they can’t afford to save because they don’t earn enough and 69% said they don’t have any money to get them through an entire month.

When they run out of money, 63% of Romanians said they cut costs, 42% borrow from family and friends – the highest percentage in Europe, where the average is 20%, and 24% use credit cards.

Savings available after retirement are a concern and 42% of respondents said their savings don’t exceed the equivalent of three monthly salaries. The minimum recommended reserve fund is the equivalent of three to six monthly salaries.

Romania ranks second (58%) after Turkey (60%) regarding a lack of savings for more than three months. At the opposite end is Luxembourg where just 25% of respondents said they don’t have savings.