Almost half of Spaniards have no retirement plan

ONE out of three Spaniards think they will continue working after 65, according to a study by the insurance company Aegon.

Only 52 per cent of them think that they will stop working after reaching the retirement age.

A small percentage (8 per cent) of Spain’s working population hope they will continue leading a comfortable lifestyle after retiring. This number contrasts with China’s 41 per cent and India’s 37 per cent.

The study also reveals that 72 per cent of Spaniards think that pensions in the future will be worse.

However, most people do not think they will need their family’s economic support when they reach retirement age. Only young people between 18 and 24 years of age do think they will need some sort of support.

In addition, Aegon discovered that almost half of Spain’s population (48 per cent) have no retirement plan. Most people (69 per cent) believe that the lack of economic resources is the main obstacle when it comes to planning for the future.

Forty-six per cent of Spaniards think higher salaries would help them save money for their retirement, while 25 per cent think better tax reductions are the solution.

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