Analytics, Estonia, Financial Services, Pensioners

The pollster launched regular monitoring of the pension reform in December to keep track of changes in the opinions and intentions of Estonian residents when it comes to the second pillar.

According to the December survey, 53% of those who have joined the arrangement are planning to remain a part of it. Only 14% of the people who have joined the second pillar are planning to withdraw their savings, Kantar Emor said. 

Those who are planning to withdraw their money would use it for repaying existing loans or as a downpayment when taking a new loan, as well as for expenses related to one's dwelling, such as repairs on it. 

Of the people currently in the second pillar arrangement 4% would put the money into an investment account and continue investing it on their own. 

"Over half of second pillar owners are in a wait-and-see, and it is deepening," Heidi Reinson, lead expert in behavioral sciences at Kantar Emor, said in a press release. The expert pointed out that, compared with a similar survey taken by Kantar Emor in September, the share of "cannot say" responses has more than doubled from 13% to 28%.

"The wars of words and abundance of information of recent months rather have confused people," she said.

The residents interviewed by the pollster almost entirely agreed with it that saving for one's retirement is necessary, with 84%  subscribing to that opinion. Opinions differ primarily when it comes to the means and manner of saving. Of the respondents who consider saving as important 15% are not saving themselves now.

According to Reinson, the outcome very well illustrates the common phenomenon in human psychology where people's attitudes and intentions are not always expressed in their actions. 

The monitoring survey carried out by Kantar Emor in December covered 1,053 residents of Estonia of ages 18 to 74. The survey will be taken on a monthly basis from now on.