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- The majority of Swiss people consider their financial situation to be satisfactory. However, almost 40 percent report a deterioration.
- Many people overestimate their financial knowledge. Only a few invest their money.
- Less than half expect to be able to maintain their standard of living in retirement.
How are the Swiss population doing financially? How much money can people put aside, if any? And is the savings more likely to go into a savings account or will it be invested? Swiss Life’s new pension plan illuminates these and similar questions (see below). These are the most important findings.
Financial satisfaction is stable
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- Around half of the Swiss population finds it easy or very easy to make ends meet. In Europe, Switzerland is in second place behind the Netherlands. However, around a quarter of those surveyed perceive their financial situation to be bad to very bad.
- Financial satisfaction has remained largely stable over the past decade, but declined slightly between 2021 and 2023.
- The older Swiss people get, the more satisfied they are with their financial situation.
- 38 percent say that their household’s financial situation has worsened compared to the previous year. 17 percent notice an improvement, 45 percent see no change.
- Health insurance premiums are the most common reason for perceived deterioration.
- Couples of retirement age are the most satisfied, single parents of working age are the least likely to be satisfied.
There are big gaps in financial knowledge
- 58 percent rate their knowledge of pension and investment issues as good.
- Only 17 percent are of the opinion that they were adequately prepared at school for questions about money and pensions.
- The self-assessment does not correspond to the actual knowledge. Many respondents failed to explain five precautionary terms.
- Men consider their financial knowledge to be better, while women have less self-confidence when it comes to these questions.
- While men also answered questions about financial terms correctly more often, women did not give the wrong answer more often, but rather gave the answer “I don’t know”.
- Most of those surveyed – 39 percent – go to bank advisors when they have questions about finances. Only a few – seven percent – get their knowledge from finfluencers and YouTube.
How do you assess your current financial situation?
Three out of five people can save
- 57 percent can put money aside for old age in addition to AHV and pension fund. Among 18 to 64 year olds it is 62 percent.
- People with a gross income of less than 6,000 francs per month and single parents are significantly less likely to be able to put money aside.
- Savings are primarily made for financial security, emergency reserves and maintaining financial independence.
Less than half believe they will be able to maintain their standard of living in retirement
- Retirement provision is only very important for a fifth of those surveyed. A medium one for almost half the price.
- Only 17 percent of couples have thought in depth about what consequences a separation or divorce would have on their retirement planning.
- 55 percent expect that they are unlikely to achieve any of their most important retirement goals.
- The main reasons for this pessimism are the high cost of living, health or care costs and inadequate wage development.
- Looking back, 71 percent of retirees say that they were unable to maintain their standard of living.
Half invested
- 60 percent of 18 to 64 year olds paid into Pillar 3a last year.
- Half of 18 to 80 year olds say they own stocks, bonds or funds.
- At 61 percent, men are significantly more likely to own financial investments than women (41 percent).
- If they were given 1,000 francs as a gift, 53 percent of those surveyed would put the money in their savings account. Only 32 percent would invest it.
- Those who don’t invest often give the reasons that they don’t have enough knowledge or time, that they don’t have enough assets or liquidity, and that the risk is too great.
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Daniel Graf (dgr) has been working for 20 minutes since 2020. He is head of the News, Business & Video Reports department and has been a member of the editorial board since September 2023.
