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V Worldwide AXA Research on Retirement – jj

V Worldwide AXA Research on Retirement

V International AXA Study on Retirement: More than half of Spaniards, convinced that their pension will not be enough to live
Only 29% of Spanish workers have started preparing their retirement, the lowest rate of the 26 countries analyzed

The Spaniards are pessimistic about their retirement, they have little knowledge about their future financial situation, most are not prepared, those who do start late, and refuse to work more years to guarantee their income. These are the main conclusions drawn from the V International Retirement Study of the AXA Group conducted in 26 countries.

In full social debate about the future of the public pension system and the measures that are being applied in Europe, 51% of Spanish workers surveyed by AXA are convinced that their pension will not be enough to live once retired. An expectation that is not promising to endorse 57% of retirees, who claim not to make ends meet. Spain, in addition, is one of the countries where a lower percentage of workers have already begun to save by the time they leave the labor stage (29%) compared to other countries such as the US or Canada, where more than 70% of workers have done so. ; and only surpassed by Thailand (27%).

Currently, the average pension of the Spaniards in October 2010 is € 889.35, while the average monthly gross salary in Spain is € 1,825, latest data offered by the National Statistics Institute (INE) through its Survey Annual Salary Structure.

For Luis María Sáez de Jáuregui, director of Life, Pensions and Financial Services of AXA "most Spaniards, compared to other countries, start saving for retirement at a late age and do not know what the final result of their savings will be In addition, in most cases the Spaniards ignore the amount they will receive from public pension and what will be the time at which they will begin their retirement. "

In this line, it is striking that only 25% of respondents in Spain by AXA said they know the amount they will receive during their retirement, the lowest perception of the sample, only surpassed by Portuguese (21%), Thais (21%) and Australians (22%).

According to the latest Economic Bulletin of the Bank of Spain, the savings rate of families currently stands at 16.2% of disposable income. These data are reinforced with the figure of INVERCO, according to which the Spanish have saved 18,809 million euros during the first six months of the year, 17.8% less than in the same period of 2009.

In the hands of the State

Another highlight is the one that has to do with the preferences of the Spaniards to guarantee their pensions. Almost half (46%) prefer that the tax burden be increased by the State, that is, that taxes be raised, compared to only 2% who would prefer to extend their working life, the lowest of the countries surveyed.

The hypothesis of increasing the tax burden on the part of the State does not work among the rest of the countries, which ranges from 17% in the United States to 35% in Great Britain or 33% in French and Belgians.
This fact becomes more important if it is observed that for 89% of Spanish retirees most of their pension comes from the State and only 10% admit that it comes largely from their savings or other sources of investment. Given this perception, Spanish retirees are only surpassed by French (93%) and Luxembourg (92%), while the average analyzed is 65%.

With respect to the rest of the countries, in the majority of its citizens they are in favor of increasing their personal savings to guarantee pensions. While in Spain 32% of respondents favor this measure, 45% and 47% in Germany and Portugal respectively and in the United States it reaches 58%.

As reflected in the progress made by AXA of the report last September, 74% of Spaniards are opposed to delaying the retirement age, a fact that places Spain as the most reluctant country in Europe to approve this measure, since in United Kingdom, France or Portugal this figure does not exceed 55%.

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