A recent QUEST survey has revealed that 52% of Luxembourg residents feel they have a poor or very poor understanding of how the pension system works.

Despite this lack of knowledge, 75% were aware of the ongoing debate on pension reform, and 66% believe reform is necessary.

However, confidence in the government’s ability to lead these reforms is low–only 22% think the government is the most credible actor in proposing changes while 30% place their trust in experts from relevant administrations.

Furthermore, 54% of respondents support a cap on high pensions to introduce more balance into the system.

Only 41% of people know how much they personally contribute to their pension each month.

Just 20% of respondents are aware that their own contributions only cover one-third of their pension with the rest coming from employers and state contributions.

The survey gathered responses from 600 people.