Most Dutch have inadequate pension

10th March 2005, Comments 0 comments

10 March 2005, AMSTERDAM — Dutch people are not active financial planners, with six out of 10 not having an adequate pension, according to a study carried out by budgeting agency Nibud.

10 March 2005

AMSTERDAM — Dutch people are not active financial planners, with six out of 10 not having an adequate pension, according to a study carried out by budgeting agency Nibud.

The research, carried out in conjunction with Wageningen University, found that people are facing a pension shortfall because they have not paid any premiums in several years.

About half the population saves money, without having a clear idea what they will use the money for.

The researchers examined how members of the public administer their financial affairs, how people save and make financial choices.

Most people said it was important to save money as a financial buffer against hard times or to change defective household items. The average amount people said should be EUR 6,400.

But less than half the people surveyed had this amount and 10 percent did not have a separate savings account, news agency ANP reported on Thursday.

A quarter of the people surveyed admitted having to get a loan in an emergency, such as a fridge breaking down. Another 10 percent said they bought needed items on credit.

Nevertheless, 88 percent said it was important that their children learned how to deal with money. About half of this group started giving pocket money when their children turned six. Eighty percent of children in the Netherlands receive pocket money by age 10.

[Copyright Expatica News 2005]

Subject: Dutch news

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