Only one in three Romanians aged 25 to 55 have managed to set aside money for the period after retirement, according to a poll published by the association of private pension fund managers - APAPR quoted by Mediafax.

This is because Romanians still trust public pensions more than the private fund managers, the poll indicates.

The share of those who declare that they were unable to save for after retirement increased from 51% in 2018 to 60% in 2019, the report shows.

Notably, this occurred after several years of steep increase in the net wages, by some 40% in real terms over the a three-year period.

Only 34% of those polled said that they are saving on a regular basis, down from 45% in 2018.

Moreover, only 3% of those polled indicated that they are contributing to the voluntary private pension systems (Pillar III) and another 1% said that they will certainly contribute.

The share of those who consider such an option decreased from 10% to 7%.

The public pensions are trusted by 50% of Romanians, down from 56% in 2018 but still 5 percentage points above the confidence enjoyed by the private pension funds (45%).

(Photo: Adobe Stock)

editor@romania-insider.com