Five facts about old-age benefits: Little information, high misjudgment

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The pension provision is a matter of great concern to the Swiss. Ultimately, the question is whether you can maintain your standard of living after retirement. A study by the Lucerne University of Applied Sciences and Arts (HSLU) reveals a major gap in knowledge regarding occupational retirement. Blick has the most important facts:

The population is generally interested in occupational retirement. Interest is high or fairly high for three-quarters of those surveyed. More and more women are showing interest in the subject.

Confidence in professional retirement is not very high. For 42 percent, that’s pretty low; in fact, 12 percent of the respondents do not trust at all.

Things will look better when it comes to your own pension fund. There, 57 percent fully, or rather trust. However, 65 percent think that they will not have enough money to have a normal standard of living after retirement.

But the study also shows that respondents’ knowledge of occupational retirement is rather modest. This was checked with a survey. As study author Yvonne Seiler Zimmermann emphasized, the proportion of incorrect answers was significantly higher than the proportion of “don’t know” answers. Therefore, misjudgment is high. Many are unaware of this knowledge gap. First of all, young people or low-income people misjudge themselves.

“Lack of information on financial and pension issues inevitably means that gaps in pension provisioning are not noticed, wrong decisions are made, and options for action are not considered,” says Seiler.

64 percent think they have a good understanding of their pension certificates; but here too, some of the respondents misunderstand their information. The desire to obtain incomplete information is very low. Almost half of those surveyed find it too complicated; 37 percent are very lazy. One in five is not interested.

According to the study’s author, fewer and fewer people want to learn more. “Many insureds seem unaware that by taking early action they can positively impact their retirement status,” says the HSLU lecturer.

67 percent think that education on finance and knowledge transfer in the field of aging services would be beneficial. That’s because two-thirds rate their financial information as moderate to very low.

Almost no one wants to pay for information. For a quarter this is out of the question, for a third it is probably not. Only 35 percent would be willing, or rather willing, to seize money for good financial advice.

Source :Blick