Hungary Country Report - Aegon · 2018-08-02 · Hungary Country Report. 2 | The Aegon Retirement Readiness Survey 2016 Contents Introduction 3 Key Findings 4 The 2016 Survey: Part

The Aegon Retirement Readiness Survey 2016

A Retirement Wake-Up Call

Hungary Country Report

2 | The Aegon Retirement Readiness Survey 2016

ContentsIntroduction 3

Key Findings 4

The 2016 Survey:

Part 1 The state of retirement readiness: 2012 to 2016 5

Part 2 Retirement readiness is a shared responsibility – and it requires a shared solution 8

Part 3 Habitual saving is critical for success 9

Part 4 Making it easy and more convenient to save 11

Part 5 The imperative for retirement literacy and planning 13

Part 6 It’s personal: Making the case for the new flexible retirement 14

Part 7 The promise of active living and healthy aging 15

Recommendations 16

The Aegon Retirement Readiness Survey 2016 | 3

Introduction Now in its fifth year, the Aegon Retirement Readiness Survey explores how increasing life expectancy is impacting the ways in which individuals plan for retirement.

Countries around the world are facing unprecedented change, creating both challenges and opportunities. The concept of retirement is evolving; life expectancy continues to increase; pressures on governments and pension systems are intensifying; and, greater responsibility is shifting to the individual.

People are having difficulty keeping up with this rapid pace of change. Too few are adequately saving and planning for retirement. Most need greater access to financial advice and planning tools in order to navigate the future and improve their retirement outlook. Moreover, people’s expectations of how they will transition to retirement may be unrealistic unless employment practices change.

This report evaluates the current state of retirement readiness in Hungary and delineates key areas warranting focus and attention, including the need for: sharing the responsibility for retirement preparation, inspiring a world of habitual savers, making retirement plans more inclusive by design, facilitating a flexible retirement, and promoting active living and healthy aging in retirement.

The conclusion is that Hungarians need a retirement wake-up call. Solving the retirement challenge must be recognized as a shared responsibility. It requires engaging all stakeholders – governments, pensions industry, and individuals – to actively take responsibility, and create a dialogue for an inclusive retirement, and implement solutions so that everyone has the opportunity to achieve long term financial security.

Our research finds that while Hungarian workers have made progress since 2012 in some of their retirement saving behavior, they are still lagging behind in retirement preparedness that would enable them to enjoy a comfortable, secure life in retirement.


Key Findings ■ Hungary ranks 13th in the 2016 Aegon Retirement

Readiness Index (ARRI). With a score of 5.0 out of 10, Hungary has a low level of retirement readiness. Surveyed since the outset in 2012, Hungary’s score has remained stable.

■ Hungarian workers feel less personal responsibility to ensure that they will have sufficient income in retirement. Of all the countries surveyed, Hungarians feel the least amount of personal responsibility to ensure that they will have sufficient income in retirement (53 percent feel responsible) and the proportion that feel responsible is in decline in Hungary having fallen by four percentage points since 2012.

■ Hungarians feel more aware of the need to plan for retirement and expect to achieve a greater level of income replacement than they did in 2012. Across the other ARRI measures Hungarians have made improvements. In particular they are more likely to say they have well developed plans than in 2012 and a higher proportion expect to achieve 75 percent or more of their needed income in retirement than did in 2012 (29 percent and 38 percent respectively).

■ The proportion of Hungarians with a retirement strategy has been growing since 2013. The proportion of Hungarian workers with a retirement strategy has increased by 18 percentage points since 2013, driven almost entirely by an increase in those with a non-written plan. Vulnerable groups, those working part time, low income earners and those with less education, are among those least likely to have a retirement strategy in place.

■ Less than a quarter (23 percent) of Hungarians have a backup plan if they become unable to work and have to leave work earlier than planned. Most Hungarians who do have backup plans will use their personal savings as a backup.

■ Almost four-in-five (78 percent) Hungarians agree the government should provide for people through social security. And aside from the Dutch, Hungarians are the least likely to agree that individuals should save for themselves through private pensions and other investments.

■ Hungarian workers and retirees expect the government to fund over half (55 percent) of their income in retirement. Only the Spanish expect more from their government. Twenty-nine percent of retirement income is expected to come from the individual’s own savings and investments which is broadly in-line with the global average.

■ Auto enrollment holds appeal among three-in-five Hungarian workers. The draw to auto-enrollment at six percent of salary is relatively high among Hungarians (61 percent) but raised to eight percent of salary there is a marked drop in appeal (54 percent).

■ Only a quarter of Hungarian workers are habitual savers compared with two-in-five globally. Of all the countries surveyed Hungary has the lowest proportion of habitual savers. And while the proportion of habitual savers has grown globally since 2012, in Hungary it has actually fallen by 3 percentage points.

■ Almost three-in-five workers (58 percent) say that they will continue working to some extent in retirement. Hungarians look forward to good health as they age and many want to continue working in some capacity after retirement. Many are driven on by positive reasons such as wanting to keep active and to keep their brain alert.


Part 1: The state of retirement readiness: 2012 to 2016Pension reforms and the absence of workplace pension schemes in Hungary means that the majority of Hungarian workers will rely heavily on the mandatory, uniform pay-as-you-go state pension when they reach retirement age. Almost 18 percent of the Hungarian population are over 65 years old, and the standard retirement age of 62 is gradually being raised and is projected to reach 65 by 2022.¹

Interest rates remain low in Hungary and the importance of tax benefits has grown. Since 2014 the Hungarian Government has offered support for long-term pension saving by offering a 20% tax benefit on pension insurance products. Hungary’s annual GDP growth rate is plus 0.9 percent and unemployment is at its lowest point in over 10 years (6 percent).² However confidence in the Hungarian economy is low, over two-in-five Hungarians (43 percent) say the Hungarian economy will get worse in the next 12 months (compared to 33 percent globally).

The Aegon Retirement Readiness Survey is now in its fifth year. A cornerstone of the research is the Aegon Retirement Readiness Index (ARRI) which was created in 2012 to assess the relative levels of retirement preparedness across workers in all countries included in our survey. Individuals are grouped according to whether they achieve a high index score (eight or above out of 10), a medium score (between six and 7.99) or a low score (below six). With a score of 5.0 this year, Hungary ranks 13th in retirement preparedness, tying with Spain, out of the 15 countries surveyed.

¹ Pensions at a Glance – OECD (December 2015)

² Trading Economics – Hungarian Central Statistics Office (March 2016)

Chart 1 Hungary places 13th in the 2016 Aegon Retirement Readiness Index

Indi

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Bra

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Uni

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Stat

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Ger

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Uni

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Kin

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Chin

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Cana

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Aus

tral

ia

5.8 4.7 5.0 5.0 5.3 5.3 5.4 5.6 7.36.76.76.16.16.05.95.8

The

Net

herl

ands

Turk

ey

Fran

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Pol

and

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gary

Spai

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Japa

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Tota

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Chart 3 What factors shape the ARRI findings?

Aegon Retirement Readiness Index ComponentsThe ARRI is based on the responses to six survey questions, three broadly attitudinal and three broadly behavioral in nature. Since 2012 there has been a slight improvement across the component questions with the exception of ‘personal responsibility’ which has fallen from 57 percent to 53 percent, as pension reforms shift responsibility away from individuals towards the government. The young (aged 20-29) are more accepting of responsibility (62 percent) than their older counterparts (age 60-69) 46 percent. The greatest improvement has been made in “income replacement” - the proportion of workers that expect to achieve 75 percent or more of their needed retirement income. This increased from 29 percent in 2012 to 38 percent in 2016.

6

25

34

Personal responsibilityTo what extent do you feel personally responsible

for making sure that you will have sufficient

income in retirement?

Income replacementDo you think you will achieve the level of income you

think you will need in retirement?

Financial understandingHow able are you to understand financial matters

when it comes to planning for your retirement?

Retirement planningThinking about your own personal retirement planning

process, how well developed would you say that your

personal retirement plans currently are?

Level of awarenessHow would you rate your level of awareness

on the need to plan financially for your

retirement?

Financial preparednessThinking about how much you are putting

aside to fund your retirement, are you saving

enough?

1

The Hungarian ARRI has remained stable since 2012, rising very slightly from 4.8 in 2012 to 5.0 in 2016. Members of the research since its inception in 2012, Hungarians, along with the Japanese and Spanish, have consistently achieved the lowest levels of retirement readiness. Looking at the words Hungarians most associate with retirement provides an insight into their mind-set. Only 54 percent of Hungarians associate positive words with retirement compared to 68 percent globally. Hungarians are by far the least likely among the countries surveyed to associate ‘enjoyment’ with retirement. Sixty-eight percent of Hungarians associate negative words with retirement (compared to 50 percent globally) and only the Polish are more negative. A third of Hungarians associate ‘poverty’ with retirement, and perhaps as a result of the retirement reforms, a key concern on the minds of Hungarians is security. Forty-five percent associate ‘insecurity’ with retirement compared to only 20 percent globally and this is reflected in how Hungarians feel about retirement for future generations. Asked whether they think future generations will be better or worse off than those currently in retirement, almost eight-in-ten Hungarians (78 percent) said they will be worse off, 25 percentage points above the global average and more than any other country surveyed.

Chart 2 Hungary 5-Year trend: Aegon Retirement Readiness Index

4.94.74.8 5.1 5.0

20162015201420132012


Chart 4 Hungary 5-year trend: ARRI Components (% top two options, codes 4 and 5)The six index questions are answered on a five-point scale. Bars show the proportion of ”top two option” (4 and 5) responses between 2012 and 2016.

For the first five questions from top to bottom, workers were asked to rate their level of agreement with a statement, e.g., “To what extent do you feel per-

sonally responsible for making sure that you have sufficient income in retirement?” From code 1 “I don’t feel responsible at all” through to code 5 “I feel very

responsible.” Bars represent top-two options (4 and 5), for example, that workers feel “somewhat or very responsible.”

For the sixth question, “income replacement,” workers were asked what proportion of their current income they expect to need in retirement, followed by “Do

you think you will achieve this income?” This is answered on a scale from code 1 “I don’t know if I am on course to achieve my retirement income” through to

code 5 “Yes I am on course to achieve my retirement income.” The bars represent top-two options (4 and 5), that they are on course to achieve at least 75%

of their needed retirement income.

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016 53%

55%

54%

57%

46%

38%

45%

65%

68%

67%

60%

37%

40%

36%

28%

32%

28%

29%

29%

16%

16%

14%

11%

12%

38%

33%

58%

41%

32%

32%

Personalresponsibility

1

2

3

4

5

6

Level ofawareness

Financialunderstanding

Retirementplanning

Financialpreparedness

Incomereplacement


Chart 5 Hungarian attitudes on how to fund retirement

Part 2 - Retirement readiness is a shared responsibility – and it requires a shared solutionHungarians are in strong agreement that the government should shoulder the responsibility for funding people’s retirement. Almost eight-in-ten (78 percent) think that the government should provide for people through social security, while seven-in-ten (70 percent) think that the government should encourage employers to automatically enroll their employees. Along with the Dutch, Hungarians are among the least likely to agree that individuals should save for themselves through private pensions and other investments. Less than four-in-ten (37 percent) think individuals should save for themselves through private pensions and other investments.

Hungarians expect government retirement benefits, such as Social Security, to comprise the bulk of their retirement income (55 percent). Only the Spanish expect the government to provide more (64 percent). Hungarians expect 29 percent of their retirement income to come from the individual’s retirement savings and investments which is broadly in line with the global average (30 percent). However this differs by age. The young (age 20-29) expect 40 percent of their retirement income to come from their own savings and investments whereas this falls to just 13 percent among those aged 60-69, who expect three quarters (76 percent) of their retirement income to come from the government. This highlights there is perhaps greater acceptance among the young that they will have to be more self-reliant.

Individuals should save for themselves throughprivate pensions / other investments

Employers should provide through retirement plan benefits

The government should provide for people through Social Security

It should be a balanced approach in which individuals,employers and the government all play an equal role

Governments should encourage employers to automaticallyenrol all their employees into a retirement plan

% strongly or somewhat agree

78%

70%

66%

47%

37%


Given that the sustainability of government retirement systems around the world is under strain as a result of the growing aging population and of longer life expectancy, all social partners need to take a more balanced, and realistic, approach in which governments, employers and individuals are working together to fund retirement.

Chart 6 Proportion of retirement income by three broad sources

Chart 7 Approach to saving for retirement

Part 3 – Habitual saving is critical for successThe importance of habitual saving cannot be stressed enough. People who save habitually are in a better position in planning for their retirement, feel more responsible, and have a better understanding of what retirement will mean for them financially. Alarmingly, the proportion of Hungarians that save habitually is just 25 percent of the working population, well below the global average (38 percent). And although globally the proportion of habitual savers has increased slightly since 2012, among Hungarians there has actually been something of a reversal as fewer save habitually now than in 2012.

Hungary

Global

HABITUAL SAVERS - I always make sure that I am saving enough for retirement

OCCASIONAL SAVERS - I only save for retirement occassionally from time to time

PAST SAVERS - I am not saving for retirement now, although I have in the past

ASPIRING SAVERS - I am not saving for retirement though I do intend to

NON SAVERS - I have never saved for retirement and I don’t intend to

38%21% 12% 23%6%

25%17%13%35%10%

Total

46%

30%

24%

Hungary

55%

29%

16%

Your own savings &investments, including IRAs

Your employer / previous employers (through workplace retirement plans)

The government (through social security& other government benefits)


Chart 8 Hungary Habitual Savers: 5-year trend

Lifestage changes provide the catalyst to focus more on retirement for half of Hungarians (49 percent). Thirty-six percent of Hungarians recognize that at a certain age it is time to seriously consider saving for retirement. Furthermore, starting a family spurs 16 percent into saving long term for the future.

Chart 9 What prompted retirement saving among savers and intenders

30%29%28% 31% 25%

20162015201420132012

I got married

I got separated / divorced

I started a family

I turned a certain age

NET: Life stage reasons 49%

36%

16%

7%

6%


Chart 10 The appeal of auto-enrollment

Part 4 – Making it easy and more convenient to saveThere is a general acceptance among Hungarians young and old, rich and poor, that they will need to save for an average of around 31 years to live comfortably in retirement. The expectation, again consistent by age and income, is that Hungarians will need to save around 16 percent of their annual salary to live comfortably in retirement. Yet few Hungarians are sure about how to save for retirement. Only 5 percent of Hungarians say that they are fully aware of the different financial products that can be used to save for retirement, while 68 percent say they are either unaware or only partly aware. General awareness about the need to plan financially for retirement is lower in Hungary (38 percent) than in any other country surveyed and well below the global average (67 percent).

Given the lack of retirement planning awareness in Hungary, automatic enrollment, whereby workers are automatically enrolled into a retirement plan and a set proportion of their salary is invested into that plan, could offer a solution. Auto enrollment has global appeal, over three-in-five workers find the idea of automatic enrollment appealing at either six percent or eight percent of their annual salary (65 percent and 61 percent, respectively). However in Hungary the appeal is somewhat muted. Only 61 percent find the idea appealing at six percent and this falls considerably to 54 percent if workers are asked to increase contributions to eight percent.

The more vulnerable groups in the population - women, the young, those with lower incomes and those with lower education - are most prone to retirement readiness lag and they are less able to achieve a higher state of retirement readiness. These groups would greatly benefit from this structured approach to retirement planning. A strong connection to the labor market is perhaps the most important route to access retirement planning and guidance. Often more immediate concerns, such as caring for family members and paying the bills, take precedence over more distant priorities such as retirement planning.

Women, for example, are more likely to take on family responsibilities and consequently only take up paid work on a part-time basis. This may account for the strong appeal of auto-enrollment among women, 63 percent of women find six percent of their annual salary appealing (compared to 59 percent of men).

Hungary

Global

Very or Somewhat appealingat 6% of annual salary

Very or Somewhat appealingat 8% of annual salary

54%

61%

61%

65%

Many Hungarian workers receive basic workplace benefits from their employers such as vacation or paid time off, a convenient location of workplace, and medical health insurance. However few are offered a phased retirement by their employer or other employer programs providing for a transition into retirement (18 percent).


Chart 11 Workplace benefits provided to Hungarian workers

Percentage of workers offered this service

Basic salary 87%

Vacation/ paid time off 83%

Convenient location of workplace 71%

Medical health insurance 53%

Overtime and bonus pay 51%

Flexible working hours 46%

Opportunities for career progression 40%

Ability to work past the normal retirement age 39%

Access to good training provision 37%

Life insurance 22%

Phased retirement or other employer programs providing for a transition into retirement 18%


Chart 13 Non-savers are the least likely to have a retirement strategy, written or non written

Chart 12 Hungarian workers with a retirement strategy

Part 5 – The imperative for retirement literacy and planningA written retirement strategy is not merely a piece of paper but is often an outcome of a process where future retirees have taken the time to consider what their post working life can look like and how they can fund it. Although the proportion of Hungarians with any retirement strategy is in line with the global average (58 percent), far fewer Hungarians have a plan committed in writing. While the proportion of Hungarians with a written plan has remained constant since 2013, the proportion with a non-written plan has increased consistently - from 36 percent in 2012 to 53 percent in 2016.

The proportion of Hungarian workers with a retirement plan does increase with age. While 56 percent of young workers (age 20-29) have a retirement plan, this rises to almost two thirds (64 percent) of those in the pre-retirement group (age 60-69).

Vulnerable groups, such as people who work part-time, lower income earners and people with low education, are less likely to have had the opportunity to formulate a strategy to prepare financially for retirement - whether written down or not. For example, only 54 percent of part-time workers compared to 58 percent of all workers have taken the first step toward a more financially secure retirement by having a strategy of some sort. Young workers (56 percent) and in particular young women workers (45 percent) are among the least likely to have a retirement plan (written or otherwise).

Total Women Young (age

20-29)

Work part-time

Low income

(personal)

Low education

(less than undergrad

degree)

Aspiring savers

Non- savers

I have a written plan 6% 6% 5% 2% 6% 6% 0% 2%

I have a plan, but it is not written down

53% 50% 51% 52% 47% 50% 40% 7%

I do not have a plan 37% 41% 41% 40% 43% 39% 55% 81%

Don’t know 4% 3% 3% 6% 4% 5% 5% 10%

2016 Global2016201520142013

45%

13%

53%

6%

47%

6%

45%

5%

36%

5%

Written plan

Non written plan


Only 23 percent of Hungarian workers say they have a backup plan to provide them with an income should they be unable to continue working before reaching their planned retirement age.

Three-in-five (61 percent) Hungarians with a backup plan say that their savings will be part of their backup plan if they are unable to continue working before reaching their desired retirement age. Twenty-eight percent say redundancy insurance will form part of their backup plan.

Chart 14 Seven-in-ten Hungarian workers have failed to establish a detailed backup plan

Chart 15 Their ‘backup plan’ includes…

6% 61%

28%

26%71%

23%Yes

No

Don’t know

My spouse/partner working

Redundancy insurance

My savings

Part 6 – It’s personal: Making the case for the new flexible retirementHungarians expect to live for 16 years in retirement, but the reality is that they may live even longer. Increased longevity may require individuals to continue working into retirement in order to adequately fund their retirement. Working longer can also promote active living and healthy aging. For some Hungarian workers, retirement may involve shifting from full-time to part-time work. For others, it may involve working in a different capacity or pursuing an encore career. However, employers are falling short in accommodating workers in extending working lives and transitioning into retirement. Fifty-nine percent of Hungarian workers find phased retirement to be a very or extremely important occupational benefit, yet only 18 percent say that it is offered to them.

The retirement age in Hungary is gradually being raised and many Hungarians already plan to work into their retirement. Among those who envision or envisioned working to some extent in retirement, the driving force is ‘income and savings related concerns’ (78 percent), including concerns that social security will be less than expected 46 percent, and general anxieties about retirement income and whether their savings will last (33 percent). On a positive note, 58 percent want to continue working to keep active or keep their brain alert.


Chart 16 Working into retirement will become the norm for Hungarians

32%

10%

30%

21%

7%

I will immediately stop workingaltogether and enter full retirement

Other / Don’t know

I will keep working as I currently do.Retirement age won’t make a di�erence

to the way I work

I will change the way I work (e.g. workingpart-time or on temporary contracts) and

I will continue paid work throughoutretirement in some capacity

I will change the way I work (e.g.working part-time or on temporarycontracts) but only for a while before I eventually give up paid work altogether

Chart 17 When thinking about their retirement, forty-seven percent of Hungarians are optimistic about maintaining good health

Part 7 – The promise of active living and healthy agingImproving living standards have enabled Hungarians to lead healthier lives and thus live longer. Two-thirds (64 percent) of Hungarians feel they are in good or excellent health. Being healthier for longer opens up opportunities to stay active and engaged, travel, and enjoy pastimes considered to be important to them. Almost half (forty-seven percent) of Hungarians are optimistic that they will be able to maintain good health in retirement.

Increases in life expectancy create a need for many to extend their working lives and retire at an older age. Doing so can help bridge retirement savings and income needs. It’s also an opportunity to stay involved and enjoy more years filled with active living and healthy aging.

21%

26%

24%

15%

11%3%

Neither pessimistic nor optimistic

Somewhat pessimistic

Very pessimistic

Don’t know

Very optimistic

Somewhat optimistic


The world is ready for its retirement wake-up call. The fifth annual Aegon Retirement Readiness Survey finds little by way of improvement in Hungary’s retirement preparedness since 2012. Around the world, many workers expect to rely heavily on government benefits and are not saving enough to adequately fund their retirement income needs. The reality is that people are living longer than ever before, yet inadequate attention is being given to address the costs and implications associated with increased longevity. Governments, employers, and individuals must continue to expand upon actions that have proven effective while innovating new solutions for the future.

1. Employers and workers should agree on triggers for automatic increased savings by payroll deduction (auto-escalation). Depending on when a worker started saving consistently and how long they have before retirement, the automatic enrollment default rate may not be adequate to provide sufficient retirement income. Increases in the amount people save can be made automatically at predetermined times, such as pay raises, or upon attaining a certain age.

2. Employers and governments should continue to promote financial literacy and raise awareness, not only of the need to save for retirement, but also how to invest long term savings, and the benefits of working longer. Governments should consider engaging family and friends in their campaigns to help increase awareness of the benefits of establishing a retirement savings strategy. No age is too young or old to start. Parents can instill good savings habits in their children by teaching them how to budget and invest. Parents and adult children can begin to discuss topics that are typically sensitive, such as getting one’s legal affairs in order, inheritance, caregiving, and other financial matters.

3. Individuals should create a retirement strategy to fund retirement and manage their retirement savings to last a lifetime. A retirement strategy should be tailored to the individual’s plans for retirement (e.g. travel, continued working, etc.), other possible sources of income in retirement, and the individual’s health. Individuals should take advantage of any professional financial advice or other tools in modeling their retirement. Online tools and robo advice can help individuals assess the amount they will need to save and how to invest their savings.

4. The retirement plan or strategy should help people to manage retirement savings to last a lifetime. Building up adequate retirement savings is one half of the solution. Individuals should also plan to manage their retirement savings during the decumulation phase to provide them an income for life that includes possible pension income and government benefits. Lifetime income can be achieved through a guaranteed lifetime income product (annuity) or through a combination of other solutions and/or products, without any guarantees.

5. Individual retirement strategies should also include a backup plan to enable the individuals to pay for unexpected expenses and events. A wide range of insurance products including life, income or critical illness policies, for example, can provide a cost-effective way of helping individuals and their families in the event employment ends prior to expected retirement date because of an illness, disability or death.

6. Governments and employers should encourage individuals to work longer or, at a minimum, facilitate their working past normal retirement age. As many individuals and employers tie retirement age to the date of receipt of government retirement benefits, any increase in the age of entitlement (when people can draw on their social security pension) would likely influence a change in behavior and encourage individuals to work longer. Employers can also facilitate workers remaining in the workforce past their normal retirement date by developing age-friendly workplaces and by implementing phased and flexible retirement options (e.g., flexible work arrangements, reducing hours, working in a different capacity). Employers are encouraged to consider the benefits of retaining older workers in the workforce, such as the experience they bring, their loyalty and understanding of the business. Employers and governments should facilitate continued training to enable individuals to maintain skills to perform their job. Individuals should take advantage of training and phased retirement programs and consider the benefits of remaining in the workplace (e.g., maintaining an active mind and body, fulfillment, community, increased income).

7. Finally, as individuals consider their preparedness for retirement, actions to keep healthy and active can increase their confidence in their retirement security and their ability to work longer. Employers should be encouraged to promote greater vitality through wellness programs in the workplace and governments and employers should consider incentives for healthy and active lifestyles.

Recommendations


Contact informationHeadquarters Aegon N.V.Strategy & SustainabilityMike MansfieldManager Retirement StudiesTelephone: +31 70 344 82 64Email: [email protected]/thecenter

Media relationsTelephone: +31 70 344 83 44Email: [email protected]

Disclaimer This report contains general information only and does notconstitute a solicitation or offer. No rights can be derived fromthis report. Aegon, its partners and any of their affiliates oremployees do not guarantee, warrant or represent the accuracyor completeness of the information contained in the report.

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Hungary Country Report - Aegon · 2018-08-02 · Hungary Country Report. 2 | The Aegon Retirement Readiness Survey 2016 Contents Introduction 3 Key Findings 4 The 2016 Survey: Part