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Slovaks Have Low Expectations of Retirement Income Security

By Flash News 

December 9, 2010 

Slovakia

Most Slovak citizens expect that their retirement income will be insufficient to cover their needs. According to a survey carried out by pensions and insurance firm AXA people’s expectation of sufficient pension income is weak in Slovakia and far below the European average.

As many as 57 percent of working people and 72 percent of pensioners in Slovakia expect to have insufficient pension income, according to the AXA survey. However, economically active people are more optimistic than pensioners, especially in the case of higher-income groups.

The company ascribes working people’s higher expectations compared to those of pensioners to the fact that they expect changes and are aware that they will have to approach the issue of pensions more actively, the operating director of AXA for the Czech Republic and Slovakia , Peter Socha, told the SITA newswire on Thursday, December 9.

Among working people with higher incomes, this persuasion is higher, contrasting with female respondents and lower-income groups, who tend to be more pessimistic about the issue than other categories of working people. Moreover, people who are about to retire are far less satisfied with their income than retirees. AXA examined the perception of the retirement age by working persons and current pensioners. The poll was held in 26 countries worldwide including Slovakia and the Czech Republic . In Slovakia , the survey was conducted among a representative sample of 500 working people aged 25-60 and 450 pensioners between 50 and 75.