Young Europeans are putting money into a pension system they don't trust, study shows
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Trust in Europe's pension systems is fading among younger generations, even as contributions continue. So how do EU countries compare?
Pensions might seem like a distant reality to young Europeans, but many are worried about whether they will actually get one.
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Despite 22% naming pensions as a primary concern, 30% of those surveyed say they only have a limited knowledge of how the system works, according to new research by independent think tank Friends of Europe.
Young Danish and French respondents have the least knowledge of how the pension system functions, at 34% and 33%, respectively, the study shows.
In contrast, Italians and Spaniards claim to have the strongest knowledge.
"My biggest concern about pensions is that the pension system no longer works for my generation and those after us," said one French respondent in the survey. "That we have to pay the price for poor political and economic choices."
The Voices for Choices 2026 report surveyed 2,000 Europeans aged between 18 and 35 in Denmark, France, Germany, Italy, Poland, and Spain.
Are young Europeans paying into a system they don't trust?
Nearly half of the respondents said they are already paying into a pension scheme, while only 9% said they do not intend to contribute at all.
Yet despite this high level of participation, only 17% think their pension will be enough, while 43% expect it to fall short.
More than one in four Danish respondents think their pension will be somewhat sufficient to support their retirement, while more than one in three Italians think the opposite.
"The overall message is clear: many feel they are putting money into a system they do not trust," the study noted.
Young Europeans want pension reform
The most recent OECD data shows that the sources of income for Europe's elderly, most of whom are pensioners, differ widely across the continent.
On average, public transfers, such as earnings-related pensions, and private occupational transfers, like mandatory pensions and death grants, account for 56% and 7% of older people's incomes, respectively.
For instance, around 80% of the elderly's incomes in Austria, Belgium, Finland, France and Luxembourg come from public transfers.
Regardless, it will still be a while before today's young citizens get to cash in their pensions. People rarely like the idea of working longer, but the expectation of exactly how long they will have to work before retirement differs across Europe, too.
Young people in Denmark and Italy expect the longest working lives, while those in France and Poland are more likely to imagine leaving earlier.
Most Spanish, Italian, German, Polish, and French respondents claim that the current pension system is broken and needs reform, while 43% of Danish respondents believe that it is working well, with no need for a change.
However, young EU citizens are split on what they're willing to sacrifice for any kind of pension reform.
While 45% back changes that avoid unpopular measures, with France and Denmark showing the least appetite for tougher reforms, 40% think reform should go ahead even if it means difficult political choices.
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