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Monday 24.07.2017 | Name days: Krista, Kristiāna, Kristiāns, Kristīne
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SEB: 77% of respondents intend to continue working after reaching pension age

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOne-fifth of Latvian residents support their retired relatives financially, spending EUR 150 on average on their needs every month. 45% of residents hope their children will take care of them after they retire, according to data from a study performed by SEB Bank.

According to results of the study, 55% of retired residents admit finding it difficult to adapt to their new financial situation. This is because their income has been reduced by roughly half. 42% of them admit making timely savings for retirement would have been a wise decision.

According to data from the study, although the number of people making savings increases every year, the majority of residents of pension age are forced to search for alternative sources of income. 77% of respondents plan to continue working after retirement. 44% of potential pensioners hope for support from their children after retiring. Data also shows that 21% of employed people in Latvia support their retired relatives financially, giving them around EUR 150 every month.

«Unfortunately, demographic trends in Latvia are not positive – birth rates remain low and behind mortality rates. There is also population decline and ageing of society noted in the country. The balance of working people and retired people in Latvia will continue becoming worse in the future. This means working people will have to secure income for a growing number of pensioners. This means a choice between small pension, high taxes and significantly higher pension age. To avoid having to work while retired and ask for help from relatives, it is wise to start thinking about financial welfare in advance by making timely savings,» – explains SEB Life Insurance manager Kristine Lomanovska.

Data shows that 56% of residents believe it would be best to save up for a pension in advance. 25% of residents are already making savings to ensure financial security later on in life. Only 14% of respondents divert as much as EUR 49 for this purpose every month.

Ref: 224.109.109.5981


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