OPINION by Saskia van Berloo, Project Manager at the International Office of the European Youth Parliament (EYP)
Thanks to the cooperation the European Youth Parliament (EYP) has with Insurance Europe, I have learned a lot about insurance, and pensions specifically. I am happy to share some ideas in this article, which would not have been possible a year ago – before my exposure to the topic.
Given that pensions and investment accrue over time, the age at which you start saving is a crucial factor in how big your pension will be. However, young people often do not care for pensions, it seems like a problem for later, and it feels as if it’s outside of their power anyway.
This has a huge impact on the industry, where active participation and thus awareness of citizens is essential, such as in personal pension products. In addition, entire pension systems are heading towards their limits, which will be weighing the heaviest on the very people that may not yet know how their national retirement system works.
As the people who think about pensions every day, every week, it is (y)our responsibility to get young people on board.