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Pension problems of Spanish baby boomers

The BBVA de Pensiones-Mi Jubilación Institute has conducted a baby boomer study. This generation includes people born between 1957 and 1977 in Spain. According to the survey, 20% of 42–62-year-old Spaniards have difficulty paying monthly bills, 37% cannot afford savings, 41% are able to save some money every month and 58% invest at least 300 euros per month.
Pension problems of Spanish baby boomers

The respondents save 463 euros per month in average, and this is a positive point. However, most of these savings are not included in the financial strategy, as 80% of respondents say that they simply keep funds in their accounts and do not use financial instruments.

A relatively low percentage of people use their savings to create a pension plan (36%), deposits (27%) and mutual funds (17%). Insecurity about future also forces many to stick to conservative norms of behavior. 56% of respondents do not believe that their retirement benefits will be sufficient to allow a comfortable life.

Given the uncertainty about the national pension system state, almost eight out of ten respondents (77%) believe “it makes sense to save very little money.”

Source: https://www.bbva.com/en/saving-for-retirement-the-greatest-challenge-facing-spanish-baby-boomers/

Photos are from open sources.  

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