Insufficient information and poorly prepared
In a representative survey carried out on behalf of Swiss Life, a clear majority of people in Switzerland surveyed say they are finding it increasingly difficult to make the right pension and financial decisions. Only 38% feel really well informed about financial topics. And over half feel financially unprepared for unexpected turns in life.
44% have made at least one important financial decision that they would have liked to reverse later. And around a third have even lost a large amount of money at one time or another because they did not obtain sufficient information. 44% of babyboomers (born between 1946 and 1964) would retrospectively have liked to have consulted a personal financial advisor when making decisions regarding retirement.
The vast majority believe in financial self-determination
For 86% of people in Switzerland, being able to make self-determined financial decisions is a fundamental need. 69% feel responsible for the success or failure of their financial provisions – and 71% of those surveyed are convinced that financial self-determination and independence are a realistic personal goal. Whether taking a lengthy trip, changing jobs or buying a house: 63% have clear financial goals and one in two is planning a decision with significant financial impact in the next 12 months.
Young people want personal advice
72% of respondents think advice is important in financial and pension-related matters, and 70% say a personal advisor is becoming even more important. The youngest (Gen Z and millennials born between 1981 and 2004) place the greatest importance on advice at 76%. When concluding an important contract, 80% of respondents consider interacting with someone essential. Trust in their own financial or insurance advisor is high across all generations (86% in total), but just under half do not have a fixed advisor with their bank or insurance company.
Infograhic "Finances and pension provision" (pdf)
About the study
On behalf of Swiss Life, YouGov carried out a representative survey on the subject of "Finances and pension provision" from 7 to 13 April 2022. 1051 people from Switzerland aged between 18 and 79 were surveyed online.
Further articles and studies by Swiss Life on a self-determined life
“A self-determined life” is the purpose of Swiss Life. Swiss Life regularly presents interviews with experts, inspiring articles and representative surveys on that topic. All contributions and studies can be found online at www.swisslife.com/hub.
The Swiss Life Group is one of Europe's leading comprehensive life and pensions and financial solutions providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks.
Swiss Life Select, Tecis, Horbach, Proventus, Fincentrum and Chase de Vere advisors choose suitable products for customers from the market according to the Best Select approach. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products.
Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group also includes various subsidiaries. The Group employs a workforce of around 10 000 and has at its disposal a distribution network of some 17 000 advisors.
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