Analytics, Banks, Estonia, Financial Services, Pensioners, Society
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Thursday, 25.04.2024, 12:24
SEB: 1/3 of Estonians unaware of how much pension they have collected
At the same time, 68% of respondents claimed they have
checked within the last year how much money they have collected in the second
pension pillar, the bank said.
Through surveys, SEB has been mapping the pension-related
awareness of Estonian residents for several years already and the bank said it
is concerning that, ahead of the second pension pillar becoming voluntary,
people's awareness of the pension system is still too low.
"The investment that a person collecting in the second
pillar makes to their pension fund every month is the person's own personal
property and income during retirement depends a lot on whether the person is in
the most suitable pension fund and whether the right objective as to the size
of the future pension has been set when collecting pension," Triin
Messimas, head of the Estonian branch of SEB Life and Pension Baltic, said.
"People are usually concerned about whether
their bank account will have enough money for the next month, but the
long-term perspective is not seen and the care shown when it comes
to one's long-term financial investment is insignificant,"
Messimas added.
"Lack of awareness of the current status of one's
second pillar pension will definitely not benefit consumers. The average data
in Estonia is often read about in the media and it is believed that I myself
have accumulated little money with which I cannot finance my retirement or that
the much talked about negative return will also affect my pension
investments," Messimas said.
"Just as every pension collector is unique in terms of
income and accumulation period, so are their personal investment performance
and volume of assets. Not every person can make the right decision for
themselves on the basis of the Estonian average," she added.
The bank said that, in light of the pension reform, people
should definitely first review the current state of the second pillar
accumulation. They should then think critically about the kind of scenario they
wish to use to help secure their future -- how much knowledge they have to
make investment decisions themselves, what the costs are, or whether there are
other alternatives to increase their pension in the future.
According to SEB's survey, over half of the respondents
found that they must accumulate additional resources to secure their future and
only 11% said they would use the money collected in the second pillar to
satisfy daily living needs.
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