Spaniards fear pension system will fail the young, with 79% doubting reforms are enough
A new Funcas survey reveals deep public pessimism about the sustainability of Spain's public pension system, with 68% expecting it to become a major economic problem and 70% saying the young will bear the brunt.
Widespread pessimism
68% of Spaniards believe pension payments will soon become a major economic problem, according to the Funcas survey of 1,127 people (some reports say over 1,200). Concern is highest among those aged 18-45, where three-quarters share this view, compared to just 53% of those over 60.
- 18-45
- 75 %
- 46-60
- 67 %
- 60+
- 53 %
Generational fault line
Among those who foresee a problem, 70% say young people will be the most affected, while only 17% point to the elderly. Even among pensioners, the majority agrees the young will bear the brunt. 56% of all respondents think workers under 40 are already worse off economically than retirees.
It is the elderly themselves who recognize that young people largely do not enjoy the economic position that they enjoy.
Reforms seen as insufficient
79% of non-retired workers believe the reforms enacted between 2021 and 2023 are not enough to secure their future pension. Skepticism peaks at 90% among those aged 31-45. 93% expect further reforms before they retire, a view shared by two-thirds of those over 60.
Resistance to tough measures
80% of Spaniards reject raising the retirement age to 70. Only 41% support increasing social security contributions, and 31% back a specific tax to fund pensions. 58% prefer a pension linked to contributions rather than one guaranteeing a comfortable living.
- Increase contributions
- 41 %
- Specific tax
- 31 %
- Raise retirement age to 70
- 20 %
Policy backdrop
The reforms, designed by then-minister José Luis Escrivá under EU oversight and implemented by current minister Elma Saiz, included higher contributions and a link between pensions and inflation. The independent fiscal authority AIReF has repeatedly warned the measures do not guarantee sustainability. Germany is moving toward mandatory private pensions and linking retirement age to life expectancy.
The success of reforms can only lie in a sound technical design that, in addition to improving the financial sustainability of pensions, is well explained to citizens of all generations and thus generates trust.
