Most Greeks would like to secure a comfortable retirement. Yet for many, saving toward that goal remains out of reach. According to a pan-European public opinion survey on retirement savings conducted by Insurance Europe, nearly six in 10 Greeks do not save for retirement — a significantly higher share than the European Union average. The findings highlight a striking contradiction: strong expectations of future pension income coexist with limited personal savings and low confidence about life after work.
Willing but unable to save
The survey shows that 59% of Greeks are not saving for retirement, compared with 41% across the EU. At the same time, attitudes toward retirement savings are broadly positive. About 76% of respondents in Greece say they view saving for retirement favorably.
The main obstacle is not reluctance but financial capacity. Forty-four percent of Greeks say they would like to save but simply cannot afford to. Another 15% plan to start saving in the near future, while 17% say they are interested but feel they lack sufficient information to make decisions.
Among those who do save, personal networks and intermediaries play a key role. Nearly 30% began saving after speaking with an insurance intermediary, while another 30% were influenced by discussions with friends or content on social media, a much higher share than the EU average. About one in five joined a group retirement plan offered by an employer.
Security matters as well. Respondents consistently rank the safety of their savings, along with the credibility and reliability of the provider, as critical factors when choosing a retirement product.
Lump sum or lifelong income?
Preferences around how retirement savings should be paid out reveal another layer of complexity. When asked in general terms, 49% of Greeks say they prefer to receive their savings as a regular pension, while 27% favor a lump-sum payment.
But when faced with a concrete choice, eilther €50,000 paid at retirement versus €2,500 per year for the rest of their life, nearly two-thirds opt for the lump sum. The result suggests that immediate liquidity often outweighs long-term income security, even among those who conceptually support pension-style payouts.
High expectations, low confidence
Expectations about retirement income in Greece are among the highest in Europe. On average, Greeks expect mandatory public and occupational pensions to replace about 61.7% of their last salary, well above the European average.
At the same time, confidence in maintaining a comfortable standard of living in retirement is among the lowest. Greeks rate their confidence at just 2.4 on a five-point scale, placing them at the bottom of the European rankings. The contrast points to a reliance on the state paired with deep uncertainty about whether that reliance will be enough.
The “silent” retirement gap
The issue has drawn growing attention from the insurance sector. Speaking at a recent event organized by the Hellenic Association of Insurance Companies, its president, Alexandros Sarrigeorgiou, warned that demographic pressures and rising health care costs are creating strains that public finances can no longer absorb.
As baby boomers gradually exit the labor market, he said, the so-called “retirement gap” is emerging as a silent threat. Many citizens lack the savings needed to ensure a decent standard of living after retirement or reliable access to health services.
The gap is stark when viewed in European terms. While the average European reaches retirement with savings equivalent to six or seven months of their final salary, Greeks , who rely almost exclusively on the state, typically have reserves that last only a few days. According to Sarrigeorgiou, that difference captures the scale of the challenge facing Greece’s retirement system.
Source: ot.gr
