Maltese people are saving less, spending more and not planning for their pension, risking a retirement during which they will be unable “to live with dignity”, the head of a leading insurance company says.

David Curmi, CEO of MSV Life, said a national education campaign was needed “starting now”.

He said there was need to educate people and to encourage them to invest “in stocks, shares and funds”, not just in property. He also proposed raising the retirement age, linking it to life expectancy.

“Every country has almost done this and we are not special. Retirement age cannot be fixed at 61,” he said.

Read more on Times of Malta or the e-paper.

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