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

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.

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