Belgian pensioners saved for their old age

According to a European Commission survey, 23% of retired people in Belgiun receive a pension that puts them below the poverty line. However, this doesn’t mean that Belgian pensioners are among the poorest in Europe.
Anyone with an income that is less than 60% of the average income in a given country is judged to be living under the poverty line.

The highest percentage of pensioners living in poverty is to be found in Estonia, Latvia, Cyprus and the United Kingdom.
Almost a third of British pensioners live under the poverty line, while in Cyprus the figure is 51%.

Although pensions in Belgium are among the lowest in Europe, Belgian pensioners are by no means the poorest in the EU.

Belgians are some of Europe’s best savers and they more often than not have put quite a bit by for their old age.

Furthermore, many Belgian pensioners own their own home and consequently don’t have to pay rent or mortgage repayments.

This creates a paradox where despite having low pensions, retired people in Belgium have a relatively high standard of living.