NN study: 1 in 2 Romanians expect to live until 90 and 73% say they feel prepared for a long life, but only 26% have taken measures to secure their financial future. The cost of living in the current economy and the financial situation at retirement, the main concerns
Romanians expect to live longer and believe that health, well-being, adaptability, and financial security have the biggest role in preparing for longevity. 52% of respondents to NN’s longevity study conducted in Romania, as well as in other countries where the group operates, believe it is likely they will live until the age of 90 and 73% say they feel prepared for a long life. However, 82% are worried about Romania’s outlook in the near future and the impact in their lives, with the cost of living, the economic and employment perspectives, and the public debt being the main concerns.
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 at 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”, said Kuldeep Kaushik, CEO of NN Romania.
56% of Romanians are aware they need to think about their financial well-being as early as possible in preparing for a 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 the retirement age, with 6 in 10 respondents to the NN longevity study saying that they have a career they can pursue until up to the age of 70.
58% trust that public pensions will continue to be a source of revenue when they reach retirement. 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 at 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 NN Group is present.
About NN Romania
NN is the first international life insurance company to enter the Romanian market, in 1997, and has been active in the private pensions segment for 15 years, being a leader in its markets. At the same time, NN also expanded in recent years into the health and home insurance segments in Romania. NN currently has 500 employees and 1,600 financial consultants and managers in its sales force and supports over 2.3 million insurance and pension clients, a quarter of Romania’s working population, to protect what matters most to them.
NN Romania is part of the NN Group, a financial services company with a history of more than 175 years of international operations and a strong presence in 11 countries, with a total of more than 16,000 employees and over 20 million clients. NN Group has been listed on Euronext Amsterdam since 2014 and is always there for its clients with responsibility and sustained commitments.
Through business activity and investments in society, NN aims to generate positive changes in people’s lives, supporting them to create the premises for a better future for themselves and their loved ones. NN identifies solutions that respond to the current problems in society and contributes to their implementation whenever it has the opportunity, together with partners from the non-profit sector. Specifically, the company supports important initiatives aimed at creating economic opportunities for young people and disadvantaged families, but also access to education and medical services for vulnerable categories.