Analytics, Banks, Financial Services, Latvia, Pensioners

The new survey reveals that 45 percent of people in Latvia expect to receive at least 75 to 100% of their current wages in pensions and a third expect their pensions to even exceed their current wages, which in absolute figures is EUR 1,000 on average. Meanwhile, the average pension currently paid to the majority of Latvia’s retired population is EUR 320.

The survey shows that millennials are the most optimistic about their old age but that people of more advanced age are increasingly pessimistic about their financial prospects in retirement. Generation Z (18-21 years old), for instance, believe that in old age they will be active and enjoying everything they have no time for today (39%), or that they will be like their grandparents only financially better off (20%). The millennials (21-34 years old) hope to remain socially active and enjoy life (38%), as well as keep working for their own enjoyment (30%).

Meanwhile, Generation X (35-49 years old) realize they will have to work to survive in old age (30%) or lead a more frugal life (28%) as their income drops in retirement, and the post-war generation or Baby Boomers (50-64 years old) are even more pessimistic and bracing for subsistence on very low income (37%).