Two-thirds of Czechs fear a drop in living standards in old age

Although seven out of 10 Czechs are saving for retirement, almost two-thirds fear that their standard of living will decrease in their old age and 73 percent of people expect that they will have to reduce their expenses when they retire, according to the results of a Broker Consulting survey which the company revealed at a press conference on Wednesday.

On average, people in Czechia don't start saving for retirement until they hit their fifties, the survey revealed. Some 44 percent of survey respondents said they are going to increase their monthly savings in view of the new government pension system reforms. Almost 30 percent of people neither save nor invest for retirement, mainly due to a lack of funds.