People aged 65 and older may be more income-poor than the working-age population, but nearly three-quarters of them give a note of eight out of ten to their material circumstances, a study by the Federal Statistical Office shows.This content was published on October 28, 2020 - 12:32
About half of pension-aged residents live in households with liquid assets of more than CHF100,000 ($109,700), compared to 29% of those aged 18-64. More pensioners (61%) say they can “easily” or “very easily” cover their expenses than those of working age (48%). Even if their incomes are modest, pensioners can dip into their savings when needed.
Among people of working age, 54% are satisfied with their financial situation, the office said on Tuesday. Its study also reveals that this age group is more likely to have financial difficulties: nearly 30% have less CHF10,000 to their name, compared to 15% of retirees.
Among the older population considered at risk of falling into poverty are those with no post-compulsory education, those living alone and those reliant mainly on the state old-age pension scheme. Financial hardship is more likely to hit elderly women than men.
The statistical office points out that older people tend to have lower expenses than younger generations, spending less on rent, transportation, eating out, telecommunications and clothing.
The proportion of seniors among the Swiss population has grown steadily in the last half century, accounting for 18.7% of residents in 2019, up from 11.5% in 1970, putting pressure on the country's pension system.