Czechs perceive retirement more as liberation than a problem, according to a recent survey conducted by Response Now for Generali Pension Company. A striking 43 percent of current retirees and people over 55 view retirement positively, while only about a tenth see it as problematic. More than three-fifths of respondents reported looking forward to retirement, with just one-tenth expressing fear about this life transition.
Despite this positive outlook, financial reality paints a different picture. The survey reveals that 41 percent of people at or near retirement age have made no financial preparations for their retirement years. This explains why 14 percent of current retirees continue working, with another 8 percent actively seeking employment. Among pre-retirees, a full third plan to work, run businesses, or take part-time jobs after reaching retirement age.
“Prague residents, men, and university graduates show the strongest inclination to work during retirement,” notes Blanka Jakůbková from Response Now. According to the Ministry of Labor and Social Affairs, more than 136,000 senior workers have applied for the new social insurance discount, though the actual number is likely much higher as this figure doesn’t include self-employed individuals.
Financial necessity drives retirement work for 72 percent of respondents who either currently work or plan to work during retirement. However, social factors also play important roles, including the desire to remain socially connected and avoid feeling like a “retiree.” Nearly all seniors (98 percent) count on the state pension as their primary income source, which may explain the weaker motivation for personal financial preparation.
The situation is gradually improving, however. While only half of current retirees financially prepared for old age, 72 percent of the “pre-retiree” group (aged 55+) are making preparations. “We can see a positive trend in the changing mindset between these two generations,” says Jana Zelinková, CEO of Generali Pension Company. She emphasizes that starting retirement savings early is crucial. A person who begins setting aside 1,000 crowns monthly at age 25 with a dynamic investment strategy could accumulate nearly two million crowns by age 65, resulting in a monthly supplementary pension of 8,000 crowns.