How to properly save for retirement in uncertain times

Oct 24, 2022.

Inflation is causing uncertainty among many. How are we supposed to save for retirement now? This blog post reveals the greatest uncertainties facing the Swiss population at the moment. Read on to find out how you can save for retirement in spite of all the financial uncertainty.


In August we asked Swiss people what was currently worrying them most. We received a variety of responses. 39% of Swiss named inflation or personal financial security as their greatest worry. In second place, 38% of the respondents cited worries about the energy crisis. And 37% of Swiss were preoccupied with the risk of potential war. 34% of respondents were worried about saving for retirement.

Infographic 1: Question: What are you most worried about at the moment?


It’s little surprise that retirement provision is the fourth most worried-about issue. The subject of retirement provision/AHV always features high up on worry and mood barometers in Switzerland. This result is equally unsurprising given the last referendum on the “AHV 21” reform of 25 September 2022. However, one finding from our survey that interested us was that women and men are equally worried about retirement provision.


Want to know more? Read why just 43% of women plan for retirement in this blog post.



Two thirds of Swiss people feel affected by financial uncertainty


67% of the respondents in our representative survey felt affected by financial uncertainty. Young professionals (aged between 18 and 29) and people aged between 50 and 65 in particular had worries about this. Those starting out in their careers do not yet have the financial resources, and those leaving working life and entering retirement are having to rethink their future standard of living. But age isn’t the only determining factor for whether you are more likely to be affected by financial uncertainty – the financial resources you have available to you are important too. For instance, people with a higher monthly gross household income (from CHF 8,001 a month) are less affected by financial uncertainty compared with medium (CHF 6,001 – CHF 8,000 a month) and low (up to CHF 6,000) income classes.



Inflation means less money to save for retirement


This was the belief of 81% of those affected by financial uncertainty. And 78% reported not being able to save as much due to inflation. In fact, 66% of those affected were cutting back on household purchases and leisure activities. 71% of the respondents believed that inflation posed a major risk to saving for retirement. Here too, the results differed depending on household income: more than 80% of people with moderate incomes viewed inflation as a risk to their retirement provisions, whereas the values were considerably lower for those in lower and higher income categories. 69% of those with lower household incomes and 64% of those respondents with high household incomes shared this opinion.


Our survey concluded that just 10% of respondents had contacted a specialist due to inflation.


Generali tip: retirement planning advisor Gizem Açal recommends starting to plan for retirement early. What exactly does a pension consultation involve? And what's the best way to prepare for one? Read the interview for more information.



56% of respondents are saving for retirement


Just over half were able to set money aside for the time after their retirement, in spite of the fact that 81% of respondents attributed importance to saving for retirement. This highlights the influence of income on retirement provision. Of those in households with a high monthly income, 78% were saving for the time after their retirement. Conversely, only 38% cent of respondents in households earning less than CHF 6,000 gross per month reported paying into a private pension.



No money, no retirement provision


In our survey, 33% of Swiss stated a lack of money as the main reason for not setting aside money for retirement. 39% of respondents stated this even last year. In the current survey, just 10% reported that their retirement provision was covered by other means, for instance through property or lucrative securities.

Infographic 2: Question: What is the main reason you don't have a private pension plan?

Various different reasons were specified in the “Other” category. Many of these included the reasons they did not have enough money for retirement provision.


Note: the survey, representative of the population as a whole, was carried out by on behalf of Generali Switzerland between 9 and 14 August 2022, with 390 people taking part.


Want to know more? Read our press release for more information about the investment and savings forms preferred by the Swiss in these uncertain times.





Our survey results show that 81% of Swiss people attribute great importance to the subject of retirement provision. However, when it comes to saving for retirement, individual options are heavily dependent on income. That's where Generali comes in. We show you how you can save for retirement in your current situation.


Generali tip: in the current inflation situation your money is losing its purchasing power. If inflation persists, this means you will have to use more money in future to secure your retirement provision. That is why we advise starting a private pension today.


Generali tip: given the tax advantages, long-term tax-optimised saving with the third pillar is still one of the best ways of saving for retirement. Even those who can’t afford the maximum annual amount should definitely use this savings option. Even small, regular payments can help to provide for retirement in the long term through the compound interest effect.


Generali tip: those who don't want to miss out on tax benefits but still want to profit from higher potential returns and comprehensive risk cover would be well advised to opt for a unit-linked life insurance policy.



Together with Beobachter magazine, we have developed a guide for you that gives you an overview of the various pension options. Download the guide now and get started today. After all, time is money when it comes to private pensions.





For a personal consultation or a non-binding quote, contact our pension experts. We analyse your situation and give you suitable pension options. With our experts, you are guaranteed to find the perfect solution for you.