Just under half of the population – 45% – do not have a retirement plan, a survey has found.

Conducted between June and September this year and based on OECD questionnaires, the survey was part of the national strategy on financial capability in Malta.

It was commissioned by the Family Ministry. A total of 1,013 Maltese residents, aged 18 and over, took part in the survey.

Read: Countdown to financial freedom

According to the figures unveiled on Thursday, a further 11% said they were not confident of the way they were preparing for retirement. The survey also found that 73% had never heard of a pension fund.

A total of 67% of those aged between 18 and 19 said someone else took decisions about their money. Of those, aged between 20 and 29, a total of 47% claimed that they were not the ones who took day-to-day decisions on their money.

The survey also found that one in three adults have experienced a situation where their income did not cover their living expenses and had to resort to using credit cards to make ends meet.

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