Most people in Belgium believe their pension will not be enough for their retirement, yet nearly half take no action to prepare for their later years, according to a survey conducted by AG Insurance among a representative sample of 1,000 Belgians aged 18 to 55.
The main reason cited is that they are currently unable to save. However, lack of information also contributes, with 65% of non-savers admitting they have never sought information on available solutions. Moreover, one in five respondents is unaware of the existence of pension savings.
Despite this, pension savings remain the most popular option among those taking steps to prepare for retirement, with 38% of respondents having subscribed to such a plan.
There are regional variations: nearly half of the Flemish respondents (46%) have a pension savings plan, compared to one in three in Wallonia (30%), and fewer than one in five in Brussels (19%).
Among those who save via a pension fund or insurance, the primary motivation is the tax advantage – cited by 57% of savers -, followed by the recognition that the state pension will not suffice (46%) and the need for financial security (46%).
