57% of residents queried by ING believe that their retirement will not be a relaxing time in terms of financial security. The bank explained that one out of two residents are scared they will have insufficient funds during their retirement.
The concern rate is almost as high as the European average, which lies at 61%.
Of these future pensioners, more than half are planning on finding part-time work to make ends meet, even if only temporarily.
This pessimism is also reflected in the amount retirees will receive in their pensions. 47% of working Luxembourgish residents believe they will receive less money during their retirement than the amount they paid in throughout their employed life.
The European average appears to have more faith in pension systems, as only 39% share that same concern.
According to ING, this is paradoxical, as Luxembourgers are very frugal. Only 13% of respondents claim never to have contributed to savings accounts, making Luxembourg the most savings-conscious of all European countries.
Luxembourg among EU countries with lowest risk of poverty in retirement, gender difference
