One-third of Europeans are not saving for retirement, a survey by Insurance Europe has found.

A survey of almost 16,000 citizens across 15 European countries as part of European Retirement Week, also found that 40 per cent indicated that the current economic circumstances had negatively impacted their pension contributions.

Two-thirds (58 per cent) of people recognised that they would need supplementary savings to maintain a decent standard of living during their retirement.

Furthermore, the survey also exposed a gender gap, with women tending to not only save less for their pensions, but also more often lacking confidence that their pension would be sufficient for retirement (27 per cent) in comparison to men (18 per cent).

Insurance Europe head of personal and general insurance, Nicolas Jeanmart, said: “We need our pension systems to become fit for purpose and fit for the future, ensuring everyone has a good quality of life in their retirement.

“The reality is that, looking at the currently complex landscape, people will have to save more for retirement, but not everyone has enough money to do so. The industry is committed to playing its part in increasing protection. There is also a key role for policymakers. Our policy recommendations, based on the survey results, identify some ways forward”.

Based on the survey results, Insurance Europe also published a number of pension policy recommendations that could help create affordable and sustainable pension systems in Europe:

1) Policymakers should help to further develop multi-pillar pension systems.

2) Regulation should make it possible for insurers to keep playing their fundamental role of protection.

3) National circumstances require country-specific solutions.

4) Pension policies need to be consumer-centric.

5) Regulators should acknowledge the multiple benefits that pension products can provide.

6) Disclosure requirements need to be simpler and more targeted to avoid overloading consumers with information.

7) Pensions should be brought into the digital era.

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