73 percent of Czechs fear that they will not be able to take care of themselves in their old age. They fear the burden on loved ones and financial problems. This follows from a survey by the Czech Association of Insurance Companies. According to him, the concerns are justified, lack of self-sufficiency would have significant financial effects on 38 percent of respondents. The survey was conducted by the SC&C agency among thousands of respondents.
Despite the fears, according to the authors of the survey, the Czechs are not preparing for this situation. Only 30 percent have financial reserves, only 12 percent would solve it with insurance in the current situation, the survey showed. 38 percent of respondents would remain without a solution. According to the survey, a loss of income due to disability or prolonged illness would also cause problems.
20 percent of people consider their lack of self-sufficiency to be very likely, the authors of the survey found. “About a fifth of those who have a dependent child in their family take care of them completely. We consider it our duty to take care of our parents, for example, many of us have personal experience with such a situation. Family care brings not only great physical and mental strain, but also high time demands . These lead many people to have to leave their jobs, which usually also means a rapid deterioration of their financial situation,” said the executive director of the association, Jan Matoušek.
In the case of lack of self-sufficiency, they see a big discrepancy between the perception of the seriousness of the situation, which is at the top of the list of concerns, and the preparedness for it. According to the survey, the solution could be special insurance. “Czechs would welcome special additional insurance for this situation. Specifically, 69 percent would like to see such a product on offer, 53 percent would like to purchase it,” said Jana Hamanová from SC&C.
Czechs are not even prepared for a long-term loss of income caused, for example, by a serious illness or disability, the authors of the survey said. According to them, it would have significant financial impacts for 51 percent of the respondents.
In the survey, every second person assessed such an event as likely, and it ranked fourth on the risk list. 28 percent of respondents have financial reserves and 43 percent have taken out insurance, the survey showed.
“The effects of disability or long-term illness on our financial situation are known and often discussed. The events of recent years also contribute to this. People are aware of the complications that could arise in such a case. It is understandable and very reasonable that this risk “Czechs protect themselves with insurance. But even here it is not enough, a quarter would have no way to deal with such an event,” added Matoušek.
