European Plan Sponsors Face Daunting Task to Get Workers Saving for Retirement
22 August 2012 (PLANSPONSOREurope.com) – The full extent of the daunting task ahead for European plan sponsors to encourage workers to save for a pension has been revealed with ING research indicating that just one in four Europeans have a non-compulsory pension.
ING reveals just 40% of respondents to it survey in Europe have a non-compulsory pension and women and young people appear to be particularly vulnerable.
The research also reveals in every country bar Austria and the Netherlands, there is significant worry about not having enough money to retire, reflected by the negative net percent score for this question with fear about having enough money to retire most prevalent in Euro crisis hotspots Italy and Spain.
Penetration of non-compulsory government pensions is lower among women in Europe than men and more women worry about having enough money to retire.
Another key feature of the findings is the vulnerability of young people indicated by their expectations of later retirement, the expectation that their standard of living in retirement is not expected to be the same as that enjoyed by current retirees, and their relatively low uptake of non-compulsory pension funds.