Portugal has lowest pensions in EU

PORTUGUESE PENSIONERS are among those that receive the lowest pensions in the whole of the European Union.

The only countries that have lower pensions are the Czech Republic and Hungary.

According to research carried out by the international insurance company AXA based on 18,000 interviews, the average monthly pension in Portugal fell short of what was required to meet day to day needs by 109 euros.

In Portugal, people began saving for their pensions slightly later than in other countries, particularly after an illness or accident.

The amount saved by the average Portuguese citizen was above the southern European average of Spain and Italy, despite the fact that Portuguese salaries were considerably lower.

The Portuguese, Spanish and Moroccans were more likely to help their children and parents than other countries but were less likely to risk their savings in private pension funds and schemes.

Portugal was among those countries that most considered their social security systems to be in a chaotic state, more than most countries in western and central Europe.

The study showed that more than one half (52 per cent) of those in retirement managed to do so before the age set down by the law while 77 per cent did so of their own will.

The Portuguese also considered that they worked for more time than they actually should.

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