Erste: Only 8% of Austrians see pension funds as 'ideal' retirement vehicle

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  • Erste: Only 8% of Austrians see pension funds as 'ideal' retirement vehicle

AUSTRIA - More than half of Austrians no longer believe the state pension will suffice when they reach old age, but faith in second-pillar pensions is even weaker, a poll commissioned by Austrian banking group Erste has found.

One-third of those 1,000 Austrians between the ages of 25 and 60 polled in March said they were convinced the state would be unable to provide for their retirement, while another 22% said the provision would "most likely" be insufficient.

However, 38% said they confident when it came to the state pension system, Erste said.

The group said the 84% who believe private supplementary retirement provision is extremely important or rather important most often turn to third-pillar pension products - be they state-subsidised (preferred by 41%) or not (35%).

The majority, however, still believes in classic saving schemes like life insurance (43%), savings contracts with a building society (38%), real estate (35%) or savings books (25%).

Second-pillar pension schemes (8%) and securities (8%) were ranked at the very bottom of retirement vehicles considered as "ideal" by respondents to the survey.

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