As life expectancy is rising and people live longer, they need to secure, early on, sufficient income for the third phase of their life through systematic, long-term savings and appropriate investments.
Current and future pensioners are experiencing an era of significant demographic, institutional and economic changes where traditional pension schemes and state benefits are falling dramatically. In the future, the social security system will offer less protection and security to citizens, and therefore they will have to receive some of the decisions about the quality of their future lives today.
It is imperative that all citizens from the pre – retirement age of their lives are adequately informed and trained on the social security system in order to take appropriate care in a timely manner and create additional supplementary sources of protection in the fields of pension and health.
As life expectancy has doubled since the beginning of the 20th century from 42 to 84 years, financial literacy is now an essential skill in people’s lives, especially for people in pre-retirement and retirement age. Pensioners and retirees deal with unique financial and other challenges as they leave their work life.
At this stage, frequently asked questions are:
The lack of financial knowledge has made retirees particularly vulnerable during the third age. All citizens should have a secure life in dignity during either pre-retirement or retirement. Thus, strengthening their financial literacy should be an extremely important priority.
Financial Literacy can help people make the right decisions to manage and protect their financial affairs so they can live a happy retirement.
The most serious challenges for retired people include the following:
There is also a number of skills that pensioners should develop, such as:
The recent experience of the global financial crisis has highlighted the dangers and serious consequences of undue debt, making relevant knowledge indispensable for the well-being of pensioners and citizens, in general.
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