Romania and the Czech Republic have the highest share of people expecting to work after retirement age: 64%, compared to the 54% average in Europe, according to ING's eighth international economy survey, which collected answers from 14,695 respondents from 15 countries, including 13 in Europe.

The very definition of "retirement" in the traditional sense will soon become obsolete, according to ING.

Almost one-third of respondents said they did not know when they would retire (29%) while another 11% said they would continue to work for the rest of their lives.

The plans for working after retirement reflect the respondents’ expectations for their financial situation in the future, in most cases a result of weak saving capacity. About 42% of respondents say that their savings are less than the equivalent of three salaries, with the minimum recommended reserve being equivalent to three to six wages.

Romania ranks second (58%), after Turkey (60%), for the share of respondents whose savings are lower than three monthly salaries. At the opposite end, there is Luxembourg, with a 25% share. Moreover, about 69% of Romanians declare that they can't save because of insufficient income.

editor@romania-insider.com

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