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Friday 28.07.2017 | Name days: Cecīlija, Cilda
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Majority of Latvians do not view 2nd level pension savings as their money

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOnly every third 2nd level pension recipient views those savings as their money. Only 6% of residents regularly follow changes in their savings, according to Swedbank’s study.

61% of residents do not consider 2nd level pension savings as their own money. 35% of those people do not trust the longevity of the pension system. 18% of respondents do not consider those savings their own money because they will only receive that money after retiring. 8% are not even aware which bank managed payments and how much money is currently on their pension account. It should be said that the number of residents who do not consider 2nd pension level savings as their money has increased in the past five years. This increase is measured in five percentage points, according to results of the study.

«Results of the study show that the attitude of residents towards 2nd level pension is dual – a third of them consider savings as their own. 35% of respondents said they do not trust the pension system. We are happy that two-thirds of respondents value their bank’s offered 2nd level pension system. This means banks have succeeded in nurturing trust and a sense of security in the hearts of their clients. I would like to emphasize – savings on 2nd level pension funds are already real money that will play a major role in every person’s life later on,» – says Swedbank Pension and Investment Support product line director Kristaps Kopstals.

The study shows that the most popular criterion when choosing a 2nd level pension manager is trust in in the bank’s offer (61% of respondents). Other major criteria include trustworthiness of the pension manager and its offered security (17%), as well as predicted yield level (9%). 26% of respondents said they pay little attention to 2nd level pension offers. Another 5% said they do not care who manages their pension.

Ref: 224.109.109.1598


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