67% of Latvian residents do not follow their pension plan’s accumulation, according to representatives of Citadele Bank subsidiary CBL Asset Management representatives, commenting on results of a survey.
According to results of the survey, 46% of respondents know what their total volume of accumulated pension funds is, but they do not follow their pension plan. At the same time, 21% of Latvian respondents admit they do not know the total volume of money that is accumulated on their pension account. 12% said they are not interested in this information, and 9% don’t even know where to look up this information.
Residents aged 18 to 29 are frequently the least interested in their pension plans. As residents become older, however, their interest towards monitoring their pension plan increases accordingly, survey results indicate.
It is also concluded that 17% of all respondents are aware of their pension savings and regularly follow their plan’s accumulation. These are mostly residents aged 50 to 59.
33% of respondents do not know about their pension plan’s management approach – active or passive. 12% of respondents said they do not know about either of the two management options. This response is more often mentioned by residents under the age of 50.
Among the interviewed residents, 34% use the active pension plan option and 31% use the passive plan option.
The representative pension savings monitoring survey was performed by Citadele Bank together with Norstat Latvija in January 2024. A total of 1 008 residents aged 18 to 74 were interviewed on the internet.
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Survey: 67% of Latvians do not follow their pension plan accumulation
