Czechs want to live to 91 but have saved too little for old age

Czechs would like to live to 91, but far from everyone is financially ready for such a long life. That is the finding of a survey by the insurer NN Group: only 37 percent of Czechs feel prepared for a long life. In Spain, which leads the comparison, more than half of respondents say so.

When it comes to the age they wish for, Czechs turned out to be the most modest. Slovaks and Belgians want to live to at least 92, Spaniards to 97, and for Greeks the bar is set even above 100. Czechs believe old age begins at 72. Reality is more sober: according to the Czech Statistical Office, the average age at death last year was 77.2 years. That figure covers all age groups and causes, including car crashes and other accidents.

In retirement, people also face higher costs of staying fit and healthy: medical care, medication and a healthy lifestyle. In Spain, 45 percent believe they will have enough money to live to 100; in Czechia only 28 percent do. Czech confidence is also falling: in 2023 the figure stood at 34 percent.

The uncertainty shows in concrete planning, too. Among surveyed Czechs over 45 who have not yet retired, only 14 percent know how much money they will need for a comfortable retirement. Just 11 percent have a clear idea of how much they should set aside each month.

Michal Korejs, product director at NN Životní pojišťovna, noted that a real plan starts with at least a rough idea of how you want to live after your career ends and what income you will need for it. The sooner we ask ourselves these questions, the more time we have to adjust the plan gradually.

Around Prague, based on reporting by novinky.cz