About 90% of Albanians Aren’t Saving for Old Age

TIRANA, December 9

According to the World Bank (WB) only ten percent of Albanian adults save money for old age. This is one of the lowest levels in the world and the lack of income is the main reason.
People say that wages are too law and they have a lot of expenses, thus it is difficult to put money aside.
However, low wages are not the only reason why Albanians don’t save money for old age.
“We still lack a savings culture,” one citizen said for Top Channel.
But when Albanians hit the retirement age, their pension is the only source of incomes, and it is never enough.
Several countries in the world are facing crisis related to the state pension systems due to population ageing, declining birth rates and fiscal crisis. The only measures in such situations include the reduction of pensions or increases in retirement age.

News Source: TCh

Photo Credit: flickr