Interesting facts
In Greece, contrary to what happens in the rest of the world, the act of saving money is not a common practice. Partly because of the financial crisis that the country went through in the last decade. According to a recent survey by Financial Greeks, only 47% of Greeks save part of their income and even they don't do it very consistently. One third of this percentage corresponds to the age group 17-24, that regularly saves 10% or more of their income, while in the age groups of 45-64 and 55-64 the habit of saving money drops dramatically. In other words, it’s the people who are one step away from retirement and who, according to the data presented at the General Meeting of the Hellenic Association of Insurance Companies, will be receiving a gross monthly pension from the Social Security Organization of just €795.
Today, 50% of retired people receive a monthly pension of less than €1,000, which makes it virtually impossible to put money aside as savings. Or maybe not? There are nevertheless ways that retired persons can maintain the money they receive as a pension on a monthly basis, and even increase this money. The “key” is proper management.
Set a goal
Setting a goal is the most important step towards saving money, since it works as a reminder that helps you stay focused. It's best if your first goal isn’t too ambitious, i.e. you should only save a small amount of money every month. However, cumulatively, you ‘ll see that this will make all the difference. If you achieve this first goal and successfully get in the habit of putting money aside, you can then think about setting bigger saving goals.
Make an income – expenses list
A detailed breakdown of your income-expenses, even when you think you're very well aware, will allow you to identify the areas where there could be some improvement in the management of your finances, so that the amount eventually left over each month can be saved.
Perhaps consider returning to some form of work
Even though retirement marks a step back from working life, many people choose to continue working, either because they're not ready to leave their jobs, or because they look for other ways to supplement their income. This trend is expected to grow and become more entrenched, since, according to a relevant survey by Blackrock, about 41% of Generation Z and 44% of Millennials – i.e. those who are now between the ages of 27 and 42 – are more likely to take on some kind of a paying job during their retirement years.
Sell some of the things you no longer use
This is a good way to make some extra money. So long, of course, that losing them doesn't cost you on the personal level.
Explore the world of investments
With almost half of Greeks today having no active investments, it's clear that this group of people are extremely wary of venturing down this path. However, through proper guidance given by market professionals, where detailed information will be provided on the risks and features of the investments, your investment journey could prove to be especially lucrative.
Sources:
Financial Greeks, Χρηματοοικονομικός Αλφαβητισμός Ελλάδα 2024
Blackrock, Say goodbye to retirement? A ‘soft saving’ trend is emerging among young people