More than half of middle-aged Hungarians expect to face financial difficulties during retirement, although anxiety about their financial future has eased compared with last year, according to K&H’s latest survey.
The research shows that 53% of Hungarians aged 30–59 fear financial hardship after retirement, down from 58% a year earlier. Between 2018 and 2020, only around 40–44% of respondents expressed similar concerns.
Retirement savers are much more confident
Among respondents with retirement savings, only 28% expect to experience financial difficulties during retirement. Among those without retirement savings, the figure jumps to 59%.
In a previous survey, 72% of 30–59-year-olds said they expected the state pension to be inadequate even for basic living expenses, while only 29% thought otherwise.
71% worry they will not have enough money for hobbies
Financial hardship is not the only concern. Some 71% of respondents worry they will not have enough money to finance hobbies and leisure activities during retirement, down from 77% last year.
Another 70% fear their savings will lose value, compared with 75% previously, while 72% are concerned that future economic crises could negatively affect their finances, down from 78%.
Almost one in three wants to retire early
At the same time, aspirations for early retirement have increased. Some 29% of middle-aged Hungarians say they plan to accumulate enough savings to retire before reaching the official retirement age.
According to K&H, that is the highest proportion recorded in the survey. K&H’s previous research found that middle-aged Hungarians would ideally retire at an average age of 57, but expected that in reality they would only be able to retire at around 69.
Only 32% believe the state pension will be enough
Confidence in the state pension remains limited. Just 32% of respondents now believe they will be able to live on their state pension after completing a full working career.
For many households, family remains another part of the retirement safety net, as some 43% of respondents expect that their children will provide financial support during retirement. Among respondents who already have children, the proportion rises to 55%.
