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Dec 27, 2016

A third of Hungarians have no savings for retirement

Fifteen percent of the people, mostly above 50, said they expected family members to take care of them in their old age

Thirty three percent of the Hungarian population have not made any preparations for their financial security after retirement, it has been reported.

According to Magyar Hírlap, two-thirds of people aged between 30 and 65 said they have not made any savings for services and drugs needed in old age and 12 percent, mostly men, said they did not plan to put money aside for such purposes, because that was the task of social security services.

The survey conducted by insurance broker 4Life Direct stated that women consider health services more important than men. 

Sixty eight percent of residents outside Budapest and 58 percent of Budapest residents said a firm family background was important to financial security in old age. Some 15 percent of the people interviewed and mostly those above 50 said they expected family members to take care of them in their elder years.

Around half of those interviewed said they had some form of pension savings, including voluntary pension fund membership, pension insurance or a bank deposit.