The DataPulse study revealed what pension in Europe actually meets the standard of social security. That is, is the average pension received sufficient for basic needs, or does an elderly person need to seek additional income?
Even in Germany, Things Are Bad
The study showed that only in four countries in Europe pensions are generally sufficient to cover basic living expenses.
Even Germany is among the countries where pension payments are often insufficient to meet the basic needs of elderly people.
By the end of 2024, approximately 740,000 pensioners in Germany were forced to apply for basic old-age social benefits. This number has become a record high since statistics began being recorded. Almost one in five Germans over the age of 65 is at risk of falling below the poverty line.
According to German analysts, millions of people in the country live on incomes below the minimum necessary. By 2026, the poverty line for a single person was set at around 1,380 euros per month, which is about 60% of the average income in the country. However, the average pension significantly lags behind this amount and sometimes barely reaches 1,100 euros.
In Latvia, Things Are Not So Bad
Regarding Latvia, the study states that pensions here are 14% lower than the amount needed to cover basic expenses. The situation is better only in Romania, the Czech Republic, Poland, Spain, Bulgaria, and Denmark, where pensions exceed basic expenses.
In Lithuania, the shortfall for pensioners is 34%, while in Estonia it is 17%.
Does this mean that pensioners in Latvia live almost better than anyone else in Europe? No, of course not. The authors of the study do not claim this, as there are other parameters for measuring quality of life. Nevertheless, the figures are interesting.
Leave a comment