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60% of Belgians worried Covid-19 could cut their pensions

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The aftermath of the coronavirus crisis has emerged as a major source of concern among thousands of Belgians, as a survey revealed that more than half feared for their retirement.

A whopping 58% of Belgians polled by insurer NN said they feared their chances for leading a comfortable life after retiring would wither away with the pandemic.

Additionally, 60% said that they feared the government would struggle to continue paying their pensions, the survey found.

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The insurer polled a total of 3,132 Belgians aged 18 to 79 in three different segments in mid-March, mid-April and mid-September.

Women (20%) and younger respondents up to 49 years old (60%) emerged as the demographics which feared facing financial struggles the most after their working lives.

But, overall, responses across genders and age demographics did not vary significantly, with both men and older generations trailing not so far behind, with 12% and 49%, respectively, expressing anxiety over their future finances.

“On average, only 16% of Belgians think that they will have a comfortable life after they retire,” the survey found. “The older respondents get, the more likely they are to feel confident of their retirement finances — even if we note that half of 50-64 year olds still fears the worse.”

The survey also found that more than half of Belgians polled did not know how much they needed to put aside from retirement and that, across all age and gender demographics, 28% said they expected to need to continue earning money even in retirement.

“This is particularly the case for people who are already retired,” the survey noted of the 40% of respondents aged 65-79 who agreed with the affirmation.

Gabriela Galindo
The Brussels Times

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