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One in five Poles not saving up for retirement: study

Twenty percent of Poles are not saving any money for their retirement, a new survey has found.

According to a survey released by the Chamber of Fund and Asset Management, 41 percent of respondents said they pay pension contributions to the Social Insurance Institution (ZUS) or the Agricultural Social Insurance Fund (KRUS).

The chief of the fund, Marcin Dyl, was cited in the report as saying that 26 percent of Poles regularly deposit extra money in their bank account, while nearly one in five pay into private pension funds (OFE).

Dyl said: “No more than ten percent set money aside for retirement as part of an insurance policy. The same percentage of people are investing in the future of their children.”

He added: “Only six percent of Poles have set up an individual retirement saving account or are investing in real estate.”

Sixty percent of Poles declared that they could live off a pension ranging between PLN 1,000 and 2,999 (EUR 230-692, USD 261-782). No more than two percent said that PLN 1,000 per month would be enough.

According to three percent of respondents, a pension of over PLN 7,000 is a minimum amount needed to get by during retirement.

The survey was carried out on a sample of 1,200 respondents aged between 18 and 64 using the computer-assisted web interviewing (CAWI) method.

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