Over half of Luxembourg residents have admitted to being fearful of not having enough money to retire, according to an ING survey.
The ING International Survey, carried out in 13 different countries, found that 57% of Luxembourg residents fear they will not have enough money to retire. This figure is close to the European average (61%). Of the 57% of residents fearful of having insufficient funds to retire, 58% contemplated undertaking temporary and short-term work to make ends meet.
Moreover, more Luxembourg residents (47%) expected to receive less money on retirement than they paid into their pension plan during their working life than the European average (around 39%).
Nevertheless, only 35% of interviewed working residents in the Grand Duchy anticipated having to work past retirement age, compared to half of other Europeans questioned who shared this concern. In addition, Luxembourg had the lowest proportion of those without any savings (13%) among all European countries surveyed. Indeed, 75% of Luxembourg residents confirmed having more than three months’ savings set aside. Elsewhere, one in four European households had no savings, according to the ING survey.