Expatica news

Most Belgians worry about pensions

24 February 2005

BRUSSELS – More than three quarters of Belgians (77 percent) are worried about their pensions, a new survey has revealed.

The study by the Roularta Media group and Delta Lloyd bank showed that most Belgians are concerned about money at the end of their career and nine out of ten think they need to prepare for their own financial future.

The aging of the population, and different social changes like the rise in single parent families add to the concerns.

At the end of 2002, Belgium had around three million over 60 year olds, thirty percent more than in 2000.

The statistics for 2050 show that 49 percent of the country’s population will be over 60, a situation many analysts say will put the pensions system under extreme pressure.

But even though Belgians are worried about pensions, only 11 percent would be prepared to put back the age of retirement.

A majority think that the contributions of the active working population should be raised instead.

More than half of those surveyed, 53 percent, said they have an individual pension and 40 percent benefit from group insurance which they are not satisfied with.

People believe that ideally workers should save all of their lives and put aside much more from the age of fifty.

In general, the distribution of pensions in Belgium is not equal, said Rudi Goris, Coporate Marketing Manager at Delta Lloyd.

Those who are better educated tend to end up better off financially later in life.

According to Pensions Minister Bruno Tobback working class people “worry more than necessary” as the government is encouraging firms to do more on pension rights.

But a significant number of Belgians have a positive view of retirement.

One third of the population sees it as synonymous with a calm life, when there is more time to travel, spend with family and be good to yourself.

[Copyright Expatica 2005]

Subject: Belgian news