2026+养老金改革调查报告+Pension+Reform+Survey+2026

PensionReformSurvey2026:

Everyoneknowsreformis

needed,fewexpectittohappen

25June2026

AllianzResearch

AllianzResearch

2

Content

Page3

ExecutiveSummary

7

Mostagreereformisneeded–fewbelieveitwillbedelivered

10

Pensionreformisnotonthetopofthelist

13

Thereformoptionsareknown–butthereisnoonesizefitsall

19

Retirementpreparednessstartswithknowingthenumbers

21

Financialliteracy,agrowingimperativeforpensionpolicy

23

Morecapital-fundedpensionprovisionisawin-win

Page24

Appendix

25June2026

Executive

Summary

•

LudovicSubran

ChiefInvestmentOfficer&ChiefEconomist

ludovic.subran@

Citizensrecognizetheneedforsocialsecurityreforms,buthavefarlessconfidencethatreformswillactuallybedelivered.Oursurveyofmorethan8,000respondentsacrossAustria,France,Germany,Italy,Poland,Spain,theUKandtheUSexplores

publicattitudestowardssocialsecurityreform,pensionsustainabilityandretirementpreparedness.Recognitionoftheneedforreformisoverwhelming,exceeding80%inmostcountries.Yetconfidenceingovernments'abilitytoimplementthereforms

MichaelaGrimm

SeniorEconomist,

Demography&SocialProtection

michaela.grimm@

SimonKrause

Economist,ESG&Insurance

simon.krause

@

KatharinaUtermoehl

HeadofThematic&PolicyResearch

katharina.utermoehl@

LucieTrollé

ResearchAssistant

neededtoensurelong-termsustainabilityismuchweaker.Thelatterrangesfromjust36%inItalyand42%inGermanyto63%inPolandand66%intheUS.Viewsdivergemoresharplywhenitcomestohowtheadjustmentburdenshouldbeshared.Takinggreaterpersonalresponsibilitythroughadditionalsavingisthemostwidelyacceptedoption,whilehighertaxesandsocialcontributionsreceivelittlesupport.Importantly,whilerespondentsdifferonhowadjustmentshouldbeachieved,onlyaminority

rejectsallproposedmeasuresoutright.Thechallengeforpolicymakersisthereforenolongerconvincingcitizensthatreformisneeded,butdemonstratingthatreformscanbedeliveredanddesigningpoliticallyviablereformpackages.

•Oldergenerationsarenotblockingreform.Recognitionoftheneedforreform

increaseswithage,buttrustthatgovernmentswillsuccessfullyimplementthe

necessaryreformsdeclines.While61%ofrespondentsaged18to34express

confidencethatthenecessaryreformswillbeimplemented,thisfallsto54%amongthoseaged35to49andtojust44%and43%amongrespondentsaged50to64and65to79,respectively.Theresultisastrikingparadox:theoldercohortsaremost

convincedthatreformisnecessary,whileyoungerrespondentsattachlessurgencytotheissue,suggestingthatpensionssufferfromasaliencegapdespitetheirlong-termimportance.Contrarytocommonstereotypes,respondentsaged50to64arealsoamongthemostwillingtoacceptmeasuressuchasworkinglonger,postponingretirementorreceivinglowerpublicbenefits.

•Responsibilityforretirementisincreasinglyshiftingontoindividuals,yetmany

lacktheknowledgetoprepareforit.Onlyhalfofrespondentsexpectthepublic

pensionsystemtoprovidethemajorityoftheirretirementincome.Asoccupational

andprivatepensionprovisionsgainimportance,pensionandfinancialliteracyare

becomingessentialpillarsofretirementincomeadequacyandpensionsystem

sustainability.Yetonlyoneinsixrespondentsshowsahighleveloffinancialliteracy(18%),whileoneinfourscoreslow(26%).Theknowledgegapshaveconcrete

implications:onlyone-thirdofrespondentscorrectlyidentifiedhowlongtheyare

likelytospendinretirement,andonlyhalfstatethattheyhaveaclearpictureoftheirexpectedfinancialsituationinretirement.Thesefindingssuggestthatthefinancialliteracygapisalsoapensionliteracygap.

•Morefundedpensionprovision–asenvisagedinGermany–wouldbeawin-

winforhouseholdsandthewidereconomy.Strongeroccupationalandprivate

pensionpillarswouldimproveretirementsecuritythroughgreaterprivatewealth

accumulationwhilesimultaneouslyprovidinglong-termcapitaltofinancialmarkets.Thiscouldsupportinvestmentininnovation,infrastructureandthegreentransition.Asset-backedpensionarrangementsamounttomorethan200%ofGDPinDenmark,145%intheUSand78%intheUK,comparedwithjust6%inGermanyand13%in

France.IfAustria,France,Germany,Italy,PolandandSpainhadreachedtheUK's

levelofpensionassetsrelativetoGDPin2025,anadditionalEUR8.8trnoflong-terminvestmentcapitalwouldhavebeenavailable.

3

AllianzResearch

4

Mostagreereformisneeded

–fewbelieveitwillbedelivered

Ageingpopulationsareputtingsocialsecuritysystemsundergrowingpressure.Withgovernmentspendingon

socialprotectionalreadyamountingtomorethan25%ofGDPinmanycountriesanddemographicchangepushingold-agedependencyratiosevenhigher,publicpension

andhealthcaresystemsurgentlyneedtobereformed¹.

Againstthisbackdrop,wesurveyedmorethan8,000

respondentsacrossAustria,France,Germany,Italy,Poland,Spain,theUKandtheUStoexplorepublicattitudes

towardssocialsecurityreform,pensionsustainabilityandretirementpreparedness.

Howcitizensviewtheneedforreform,thelikelihoodthatreformswillbedeliveredandtheirownroleintheadjustmentprocessmattersgreatlyforreformsuccess.

Publicsupportcanfacilitatereform,whilealackoftrustorperceivedunfairnesscanundermineevenwell-designedpolicyproposals.Thesurveythereforeexaminesattitudestowardssocialsecurityreformandpensionsustainabilityfromseveralperspectives,includingperceptionsofreformneed,trustinimplementation,retirementpreparedness,

pensionandfinancialliteracyaswellasindividualpreferencesregardingdifferentreformoptions.

NearlyhalfofrespondentsinPolandandGermany

recognizetheneedforreform,comparedtoonly22%

inFrance.Acrossalleightcountries,morethan80%of

respondentsagreeorstronglyagreethatsocialsystemsmustbereformedtoremainsustainable.Theshareof

respondentswhostronglyagreeishighestinPoland(46%)

andGermany(45%),followedbySpain(43%),Austria(42%)andtheUS(41%).IntheUKandItaly,aroundone-thirdofrespondentsexpressastrongneedforreform.Franceis

theclearoutlier,withonly22%stronglyagreeingand21%eithersomewhatorstronglydisagreeing(Figure1).

Supportforreformisbroadacrossallagegroups,

althougholderrespondentsexpressslightlystronger

conviction.Theshareofrespondentswhostronglyagreethatreformisneededrangesfrom36%amongyoung

adultsaged18to34to39%amongthoseaged35to49.

Therelativelylimitedsenseofurgencyamongyounger

respondentsmayreflectasalienceandfinancial-literacygap.Formanyyoungerpeople,topicssuchaspensions

andhealthcareremaintoodistanttoregisterasimmediateconcerns,despitethefactthattheywillbemostaffectedifgovernmentsfailtoimprovethesustainabilityof

socialsecuritysystems.Thesurveyalsorevealsgenderdifferences:Menexpressstrongerconvictionthatreformisneededthanwomen,with39%stronglyagreeing

comparedwith36%ofwomen(Figure2).

1Intheeightcountriescoveredbyoursurvey,publicsocialexpenditureasashareofGDPin2024stoodat:Austria31.6%,France30.6%,Germany27.9%,Italy27.6%,Spain25.9%,Poland23.1%,UK23.0%(2023),US19.8%.Source:OECD,Publicsocialspending,

Socialspending|OECD.

25June2026

5

Figure1:Towhatextentdoyouagreewiththefollowingstatement:“Currentsocialsystems(e.g.,socialsecurity,

pensions,healthcare)willneedtobereformedtoremainsustainable.”Shareofanswers,inpercentofallanswers,bycountry

Allcountries

Austria FranceGermany Italy Poland SpainUK

US

0%20%40%60%80%100%

Yes,stronglyagreeYes,somewhatagreeNo,somewhatdisagree

No,stronglydisagreeIdon'tknow

Source:AllianzResearch.

Figure2:Towhatextentdoyouagreewiththefollowingstatement:“Currentsocialsystems(e.g.,socialsecurity,

pensions,healthcare)willneedtobereformedtoremainsustainable.”,shareofrespondentswho“stronglyagree”,byagegroupandgender(inpercentofrespectivepopulationgroup)

36%36%

18-3435-4950-6465-79TotalMaleFemale

39%

38%

40%

39%

38%

37%

36%

35%

34%

33%

39%

38%

38%

Source:AllianzResearch.

AllianzResearch

6

Surprisingly,nearlyfourinfiveretireesbelievereformisnecessaryeventhoughtheyarealreadydrawing

benefitsfromthecurrentsystem.Whiletheintensity

ofreformdemandvariessomewhatacrosssubgroups,

supportremainsbroadthroughoutthesample.Itis

strongestamonguniversitygraduates(85%)andlowest,thoughstillsubstantial,amongrespondentswithlowereducationalattainment(71%).Employmentstatusshowsasimilarpattern.Recognitionofreformneedishighestamongtheemployed(85%)andself-employed(82%),

suggestingthatthosewhobearsocialcontributionsmostdirectlyareparticularlyawareofthepressuresfacingthesystem.Themorestrikingfinding,however,comesfromretirees.Whilethelevelofsupportisat78%somewhat

lowerthanamongtheworkforce,nearlyfourinfivestillagreethatreformisnecessarydespitealreadydrawingbenefitsfromthecurrentsystem.Recognitionofreformneedisthereforenotconfinedtofuturecontributors;itisalsosharedbymanywhoalreadydependonthesystemtoday.

Whilemorethan80%ofrespondentsinmostcountriesagreethatsocialsystemsrequirereform,confidence

thatgovernmentswillfollowthroughonthereforms

neededisfarlower.Acrossalleightcountries,onlyaround50%ofrespondentsbelievethatthenecessaryreformswill

actuallybeimplemented.ConfidenceishighestintheUS,wherearoundtwo-thirdsofrespondentsbelievereformswillbedelivered,andrelativelystronginPoland(63%).Bycontrast,confidenceismarkedlylowerinGermanyat42%andlowestinItaly,whereonly36%believethenecessaryreformswillbeimplemented(Figure3).Thechallenge

thereforeappearslessoneofrecognizingtheneedfor

reformthanofbuildingconfidencethatpolicymakerswillfollowthroughonreformcommitments.

Thegenerationalpatternisthemirrorimageofreformneed.Whilerecognitionofreformneedtendstorisewithage,confidencethatreformswillactuallybeimplementeddeclines.Youngerrespondentsremainconsiderably

moreoptimisticthatgovernmentswillfollowthrough

onreformcommitments,whereasolderrespondents

combinethestrongestsupportforreformwiththedeepestskepticismthatitwillhappen.Thisdivergencebetween

reformdemandandreformconfidenceisoneofthemoststrikingfindingsofthesurveyandhelpsexplainwhy

broadsupportforreformsooftenfailstotranslateintoexpectationsofaction(Figure4).

Figure3:Doyouthinkyourcountryiscapableofimplementingthereformsneededtoensurelong-termeconomicsustainability?Shareofanswersinpercentofallanswers,bycountry

Allcountries Austria FranceGermanyItaly

PolandSpain

UK

US

0%10%20%30%40%50%60%70%80%90%100%

Yes,stronglyagree

No,stronglydisagree

Yes,somewhatagree

Idon'tknow

No,somewhatdisagree

Source:AllianzResearch

25June2026

7

Figure4:Doyouthinkyourcountryiscapableofimplementingthereformsneededtoensurelong-termeconomicsustainability?,approversbyagegroupandgender(inpercent)

54%

50%

47%

43%

65-79TotalMaleFemale

61%

54%

44%

18-3435-4950-64

70%

60%

50%

40%

30%

20%

10%

0%

Source:AllianzResearch.

Manycitizensdoubtnotonlythatreformswillhappen,butalsothattheywillbefair.Acrosstheeightcountries,onlyaround30%ofrespondentsexpectthecostsand

benefitsofreformtobedistributedfairly,whilealmost

60%expectanunfairoutcome(Figure5).ThisskepticismisparticularlypronouncedincontinentalEuropeandmay

helpexplainthebroadertrustdeficitidentifiedabove.

Citizensdonotmerelyquestionwhethergovernments

willimplementreform;manyalsoquestionwhethertheywilldosoinafairandbalancedway.Reformcredibilityisthereforeasmuchaquestionoflegitimacyasofpolicydesign.

Figure5:Howfairlydoyouthinkthecostsandbenefitsofreformswillbedistributedacrosssociety?,shareofanswersinpercentofallanswers,bycountry

Allcountries

Austria FranceGermany Italy Poland SpainUK

US

0%20%40%60%80%100%

FairlySomewhatfairlySomewhatunfairlyVeryunfairlyDon'tknow

Source:AllianzResearch

AllianzResearch

8

Pensionreformisnotonthetopofthelist

Pensionreformiswidelyrecognizedasnecessary,butitisnotatthetopofthepublic’sreformagenda.

Whenaskedwherereformsaremosturgentlyneeded,

respondentsconsistentlyrankhealthcare,immigrationandhousingatthetop,faraheadofpublic,occupationalandprivatepensionsystems(Figure6).Thismayhelpexplainwhypensionreformissofrequentlypostponeddespite

broadrecognitionoftheunderlyingchallenges.Theissueisthereforenotalackofawareness,butalackofurgency.

Theolderthewiser:thestrongestdemandforpensionreformcomesfromthoseclosesttoretirement.

Respondentsaged50to64aremostlikelytoidentifypensionreformasapolicypriority(Figure7),mirroring

thebroadersurveyfindingthatperceptionsofreform

needincreasewithage.Thepatternpointstoasalienceeffect:asretirementmovesfromadistantprospectto

animminentreality,concernaboutthesustainabilityofpensionsystemsrisesmarkedly.Youngergenerations,

despitehavingthegreatestlong-termstakeinthe

sustainabilityofpensionsystems,tendtoviewretirementasadistantconcern.

Figure6:Inwhichareasdoyouthinkreformsaremostneededinyourcountry?Selectmax.3,shareofanswersinpercentofallanswers

Allcountries

Austria

FranceGermany Italy Poland SpainUK

USA

0%20%40%60%80%100%

HealthcaresystemImmigration

Housing

Labormarket

Publicdebt

Education

Taxationofincome

EnergysystemandenvironmentalregulationPublicpensionsystem

Reductionofbureaucracy

Taxationofwealthandcorporations

OccupationalandprivatepensionsystemInfrastructure

Other

Source:AllianzResearch

25June2026

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Figure7:Inwhichareasdoyouthinkreformsaremostneededinyourcountry?Selectmax3.-Publicpensionsystem,approversbyagegroup(inpercent)

60%

50%

40%

30%

20%

10%

0%

AustriaFranceGermanyItalyPolandSpainUKUS

18-3435-4950-6465-79

Source:AllianzResearch

Demographicpressuresareacceleratingandthe

windowforgradualreformisnarrowing.Withthebaby-boomergenerationreachingretirementage,theincreaseoftheold-agedependencyratio(OADR)–thenumber

ofpeopleaged65andoverrelativetoevery100people

ofworkingage–issettoacceleratesharplyacrossmost

advancedeconomiesoverthenextdecadebeforelevellingoutonacomparativelyhighlevel.Thecountriescovered

inoursurveyarenoexception.Bymid-century,inItalyandSpain,thereareprojectedtobearound75retirees

per100peopleofworkingage²,whileinPolandtheratiowillexceed60%.InAustriaandGermanyitisexpectedtostabilizeataround58%,andeveninFranceitisprojectedtosurpass50%.OnlyintheUKandtheUSisitexpectedtoremainbelow40%.

Figure8:AllianzPensionIndex2025

API2025

BasicConditions

Sustainability

Adequacy

SurveyedCountries:

3.17

3.40

3.54

2.70

UK

US

3.24

3.10

3.45

3.11

Germany

3.26

3.80

3.58

2.67

Italy

3.35

4.34

3.32

2.89

France

3.39

3.47

3.70

3.05

Austria

3.57

4.14

4.08

2.78

Spain

3.77

4.18

4.43

2.90

Poland

4.51

4.39

4.92

4.16

ReferenceCountries:

Denmark

2.34

3.17

2.29

1.98

Netherlands

2.60

2.98

3.33

1.68

Sweden

2.62

2.93

2.94

2.15

1=noneedforreforms7=highreformpressure

Source:AllianzResearch

AllianzResearch

10

Figure9:Netconvictionsaboutreformneedvs.AllianzPensionlndex2025,bycountry

Netconviction(%agree_%disagree)

d

33.544.5

2025AllianzPensionIndex

Polan

Spain

AustriaGermany

Italy

90%

85%

80%

75%

70%

65%

60%

55%

50%

45%

40%

UK

US

France

Source:AllianzResearch

Demographicpressuresareacceleratingandthe

windowforgradualreformisnarrowing.Withthebaby-boomergenerationreachingretirementage,theincreaseoftheold-agedependencyratio(OADR)–thenumber

ofpeopleaged65andoverrelativetoevery100people

ofworkingage–issettoacceleratesharplyacrossmost

advancedeconomiesoverthenextdecadebeforelevellingoutonacomparativelyhighlevel.Thecountriescovered

inoursurveyarenoexception.Bymid-century,inltaly

andSpain,thereareprojectedtobearound75retirees

per100peopleofworkingage²,whileinPolandtheratiowillexceed60%.lnAustriaandGermanyitisexpectedtostabilizeataround58%,andeveninFranceitisprojectedtosurpass50%.OnlyintheUKandtheUSisitexpectedtoremainbelow40%.

Publicperceptionsofreformneedbroadlymirrorthe

structuralpressuresfacingpensionsystems.ThestrongerthereformneedidentifiedbytheAllianzPensionlndex³

(APl),whichassessestheadequacyandsustainability

ofpensionsystemsacrosscountries,thestrongerthe

perceivedneedforreformrevealedinoursurvey(Figure

8).Citizensappearremarkablyadeptatrecognizingwherepensionsystemsfacethegreateststrain,suggestingthat

awarenessisnotthemainobstacletoreform.Polandtopsbothrankings(APl:4.5;netconviction:84%),withSpain

(3.8;74%)andAustria(3.6;73%)notfarbehind.Atthe

otherend,theUK(3.2;76%)andtheUS(3.2;70%)combinecomparativelygoodAPlscoreswithsomewhatlower

reformurgency.Thedeeperdivide,however,isnotnationalbutinstitutional.Theperceivedandactualneedforreformtendstobestrongestincountriesthatrelyheavilyonpay-as-you-gopensionsystems,whilecountrieswithstrongerfundedpensionpillarsarelessexposedtodemographic

pressures(Figure9).France(3.4;48%)andltaly(3.4;62%)remainnotableexceptions,wheretheperceivedneed

forreformappearsmoresubduedthantheunderlyingstructuralpressureswouldsuggest.

2Hereagedbetween20and64.SourceUnitedNations,DepartmentofEconomicandSocialAffairs,PopulationDivision(2024).

3TheAllianzPensionlndex(APl)isbasedonthreesub-indices–startingpoints,sustainabilityandadequacy–andtakesintoaccount40parameters.Eachparameterisratedonascaleof1to7,withgrade1signalingnoneedforreformsand7ahighreformpressure.

25June2026

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Thereformoptionsareknown–butthereisnoonesizefitsall

Theinventoryofpossiblereformsiswellknown,

implementationremainstherealchallenge.The

broadcontoursofpensionreformlookremarkably

similaracrosscountries:increasingtheretirementage,

encouraginglongerworkinglives,strengtheningfundedoccupationalandprivatepensions,improvingfinancial

literacyandadjustingcontributionratesandbenefit

levels.Whatdiffersacrosscountriesisthemix.Pension

systemsvarywidelyintheirrelianceonpublictransfers,

occupationalpensionsandprivatesavings,aswellasintheirdemographicpressuresandlabor-marketconditions.Successfulreformthereforerequiresadaptationrather

thanimitation.Thechallengeisnotalackofsolutions,butturningwell-knownreformoptionsintopolicyactionandimplementingtherightcombinationofmeasuresbeforedemographicpressuresforcemoreabruptandcostly

adjustments.

Supportforpensionreformisbroad,butthereismuchlessagreementonwhichreformmeasuresshouldbe

implemented.Whenaskedwhichmeasurestheywould

personallybewillingtoaccepttoimprovethelong-termsustainabilityofpublicfinances,respondentspaintamorenuancedpicturethantheirbroadrecognitionoftheneedforreformmightsuggest.Themostwidelysupported

optionistakinggreaterpersonalresponsibilitythrough

additionalprivatesaving(29%ofallresponses).However,thesecondmostcommonresponseisarefusaltoacceptanyoftheproposedmeasures(22%).Workinglongerandpostponingretirementranksthird,followedbyacceptinglowerpublicbenefits.Theresultshighlightacentral

challengeofpensionreform:whilemanyagreethat

changeisnecessary,thereisfarlessconsensusonhowtheadjustmentburdenshouldbeshared(Figure10).

Takinggreaterpersonalresponsibilityisthemostwidelyacceptedreformoption.lnmostcountries,supportfor

additionalprivatesavingisstrongestamongolderage

groups(Figure11).Thislikelyreflectsgreaterfinancial

flexibilitylaterinlife,whenmajorhouseholdexpendituressuchasmortgagesandchild-relatedcostshaveoften

declined.Acrossallcountries,however,supportforthismeasureisconsistentlyhigheramongmenthanamongwomen.

Thestereotypethatolderworkersareunwillingtoworklongerfindslittlesupportinthedata.InAustria,ltaly

andSpain,morethanone-thirdofrespondentssupportinglaterretirementareagedbetween50and64.lnFrance,supportisdistributedrelativelyevenlyacrossagegroups.Germanypresentsamorenuancedpicture:only21%

ofsupportersareagedbetween50and64,compared

with25%aged65to79.Onepossibleexplanationis

thatextendingworkinglivesmayappearlessrealisticinanenvironmentcharacterizedbyeconomicweakness,

corporaterestructuringandrelativelyhighlong-term

unemploymentamongolderworkers.Bycontrast,supportforworkinglongerismorebroadlydistributedintheUK

andtheUS,wherelabor-forceparticipationatolderagesisalreadyhigherandfundedpensionsystemsplaya

largerrole(Figure12).

AllianzResearch

12

Figure10:Whichofthefollowingwouldyoupersonallybewillingtoaccepttoensurelong-termsustainabilityofpublicfinances?shareofanswersinpercentofallanswers

Allcountries Austria FranceGermanyItaly

PolandSpain UKUSA

0%20%40%60%80%100%

Takinggreaterpersonalresponsibility(e.g.savingmoreprivately)

Workinglongerandpostponingretirement

Receivinglowerpublicbenefits

Payinghighertaxesorsocialcontributions

Iwouldnotbewillingtoacceptanyofthese

Idon’tknow

Source:AllianzResearch

Figure11:Whichofthefollowingwouldyoupersonallybewillingtoaccepttoensurelong-termsustainabilityofpublicfinances?Takinggreaterpersonalresponsibility,approversbyagegroup(inpercent)

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

AustriaFranceGermanyItalyPolandSpainUKUSA

18-3435-4950-6465-79

Source:AllianzResearch

25June2026

13

Supportforlowerpublicbenefitsremainslimited,but

isnotconfinedtoyoungergenerations.Aroundone-

quarterofrespondentswouldconsiderlowerpublic

benefitsaspartofareformpackage.InAustria,ItalyandSpain,wherepublicpensionreplacementratesremain

comparativelyhigh,morethanone-thirdofsupporters

areagedbetween50and64.Inmostcountries,however,supportisloweramongthoseapproachingoralreadyinretirementthanamongyoungercohorts,reflectingthe

shrinkingtimehorizonavailabletocompensateforbenefitreductionsthroughadditionalprivatesaving(Figure13).

Disagreementoverreformmeasuresshouldnotbe

confusedwithoppositiontoreform.Whilerespondentsdifferonhowadjustmentshouldbeachieved,onlya

minorityrejectallproposedmeasuresoutright.The

challengeforpolicymakersisthereforelessoneof

overcominguniversalresistancethanofcombining

measuresinawaythatdistributestheadjustmentburdencrediblyandfairly.Thesurveyresultssuggestthatcitizensmaydisagreeonthepreferredpath,butmanyrecognizethatsomeformofadjustmentwillbenecessarytoensurethelong-termsustainabilityofpensionsystems.

Figure12:Whichofthefollowingwouldyoupersonallybewillingtoaccepttoensurelong-termsustainabilityofpublicfinances?Workinglongerandpostponingretirement,approversbyagegroup(inpercent)

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

AustriaFranceGermanyItalyPolandSpainUKUSA

18-3435-4950-6465-79

Source:AllianzResearch

Figure13:Whichofthefollowingwouldyoupersonallybewillingtoaccepttoensurelong-termsustainabilityofpublicfinances?Receivinglowerpublicbenefits,approversbyagegroup(inpercent)

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

PolandSpain50-6465-79

Germany18-34

Italy35-49

Austria

France

USA

UK

Source:AllianzResearch

AllianzResearch

14

Retirementpreparednessstartswithknowingthenumbers

Limitedknowledgeofkeypensionparametersmakes

retirementplanningmoredifficult.Pensionreformranksbelowhealthcare,immigrationandhousingonthepublicpolicyagenda,andthislowersalienceisreflectedin

respondents'understandingofpensionsystems.Across

countries,manyrespondentsstruggletoestimatekey

parameterssuchasthestatutoryretirementage,the

numberofyearstheyarelikelytospendinretirement

andthelevelofincometheycanexpectfromthepublic

pensionsystem.Yetthesearepreciselythevariables

individualsneedtounderstandinordertoassesshow

muchadditionalsavingtowardretirementwillberequired.

Theknowledgeonretirementoptionsincreaseswith

age.Morethanhalfofrespondentsineverycountry

exceptPolandplantoretirebeforethecurrentoralreadylegislatedretirementage.However,asrespo