The 2024 self-determination barometer shows that financial self-determination is a fundamental need for people in Switzerland. Almost half of those surveyed say they are currently financially self-determined – financial confidence, on the other hand, is at a low.
In Switzerland, the desire for financial self-determination is deeply rooted: 79% of those surveyed would like to lead a financially self-determined life. In fact, 47% say they already feel financially self-determined. Key factors are the availability of sufficient financial resources (45%), the desire to be able to decide for oneself (40%), maintaining independence (31%), being in control of one’s own expenses (31%) and being able to save money on a regular basis (30%).
Financial confidence on the decline
Only 46% of Swiss people surveyed rate their financial situation in ten years’ time positively – a decline of 22 percentage points compared to the previous year and the lowest figure since the surveys started in 2019. Pensioners are particularly cautious here: only 37% of this age group are confident about their financial future. This figure was 63% in 2020, and has declined steadily since then. Women (41% compared to 52% for men) and part-time employees (38% compared to 51% for full-time employees) are significantly less confident about their financial situation at the time of retirement. This decline in confidence is also reflected in a reduction in both general optimism and satisfaction.
Lack of confidence in personal retirement provisions
Just over a quarter of respondents in Switzerland (27%) expect their state and private pensions to enable them to lead a financially self-determined life in old age. This assessment is particularly pronounced amongst part-time employees, of whom only 17% have confidence in their retirement provisions. For 18 to 29-year-olds, this figure is 28%.
Young people accept personal responsibility
Among the younger generation, there is an increasing awareness of personal responsibility when it comes to providing for the future. 45% of 18 to 29-year-olds surveyed feel responsible for the success or failure of their retirement provisions (2023: 41%). However, the younger generation is an exception: overall, the proportion of those accepting personal responsibility is declining (41% compared to 43% in the previous year). On the other hand, willingness to save more to ensure a better pension has increased (41% compared to 37% in the previous year). Nevertheless, only a few (29%) state that they have planned their retirement well from a financial perspective (2023: 32%). This figure is particularly low for women (23% compared to 27% in the previous year) and for part-time employees (21% compared to 27% in the previous year).
Need for more financial literacy
Around a quarter of those surveyed said they had started saving for retirement too late (25%) and would like to know more about financial and pension matters (25%). Also, only one in four people surveyed (28%) in Switzerland regularly discusses financial and pension matters with family and friends. At 33%, the figure is significantly higher amongst 18 to 29-year-olds.
Swiss Life self-determination barometer
Swiss Life enables people to lead a financially self-determined life. In this context, the company launched the Swiss Life self-determination barometer in 2019, which addresses the question of how financially self-determined people feel, what factors are involved and how self-determined they expect to feel in the future. For the 2024 self-determination barometer, Swiss Life teamed up with market research company Bilendi in Switzerland to survey 1000 people between the ages of 18 and 79 on the subject online from 1 to 9 July 2024. Besides Switzerland, representative surveys for the Swiss Life self-determination barometer are also conducted in France, Germany, Austria, Czechia and Slovakia.
Further contributions and studies by Swiss Life on a financially self-determined life
Swiss Life enables people to lead a financially self-determined life and regularly publishes interviews with experts, inspiring articles, and representative surveys on the subject. You can find all the contributions and studies on our blog.