Just 26% of Romanians have taken steps to safeguard their financial future, even though 73% of them feel prepared for a long life and 1 in 2 expect to live to be 90 years old. The two primary issues are the expense of living in the current economy and retirement savings.
Romanians anticipate living longer lives, and they think that the best ways to prepare for long life are to maintain good health, happiness, flexibility, and financial stability. In NN's survey on longevity, done in Romania and other countries where the organization works, 52% of participants thought it was possible they would live to be 90 years old, and 73% said they felt ready for a long life. However 82% of respondents are concerned about Romania's prospects for the near future and how they would affect their own lives; their top concerns are the cost of living, the outlook for the country's economy and job market, and the national debt.
In this context, only 26% of respondents say they have managed to secure a comfortable financial future so far. 37% consider they currently have a difficult financial situation and another 46% feel they are just getting by, which reflects in their ability to make plans for their financial well-being in old age. And although 53% say that their money situation is improving year after year and 41% have a minimum of 3 months’ savings secured, in the long term 3 in 10 believe that they will never be able to have the things they want in life, the NN study shows.
"Preparing for a longer life firstly means caring for physical, emotional, and mental health and adopting a healthy lifestyle with less stress. But it also means living life with purpose, spending time with those who matter most, having experiences that bring joy, and being adaptable to the unexpected. A longevity-oriented mindset helps people focus not only on living longer but more importantly on living better throughout an extended lifespan, which relies on good personal finances and a secure financial future in the long run, all leading to a better quality of life," Kuldeep Kaushik, CEO of NN Romania, declared.
56% of Romanians are aware they need to think about their financial well-being as early as possible in preparing for long life, but 82% rely on their belief that they still have plenty of time left to make plans for old age. 58% expect they will continue working as long as possible after reaching retirement age, with 6 in 10 respondents to the NN longevity study saying that they have a career they can pursue up to the age of 70.
58% trust that public pensions will continue to be a source of revenue when they retire. At the same time, almost 70% of respondents understand how much they should additionally save throughout life for retirement, using instruments such as Pillar II and Pillar III, as well as other long-term savings solutions and protection products like insurance, which can help them access the financial resources they might need in an unexpected situation. In this context, 59% are confident that they will be able to live comfortably in old age, financially in line with their current standard of living.
The NN Longevity Study was conducted online in 2023, among 1,008 Romanian respondents aged between 18 and 79 out of a total of 11,585 participants from the 11 countries where the NN Group is present.