Across Europe, a generation is quietly funding a retirement system they no longer believe in. According to a new report by the independent think tank Friends of Europe, young people in six EU countries are contributing to pension schemes even as confidence in those systems erodes.
The Voices for Choices 2026 study surveyed 2,000 Europeans aged 18 to 35 in Denmark, France, Germany, Italy, Poland, and Spain. It found that 22% of respondents named pensions as a primary concern, yet 30% admitted they have only limited knowledge of how the system actually works. Danish and French respondents showed the least understanding, at 34% and 33% respectively, while Italians and Spaniards claimed the strongest grasp of pension mechanics.
Paying In, but Not Believing
Despite this knowledge gap, participation is high. Nearly half of those surveyed are already paying into a pension scheme, and only 9% say they do not intend to contribute at all. Yet the disconnect between contribution and confidence is stark: just 17% of respondents expect their pension to be sufficient for retirement, while 43% anticipate it will fall short.
National differences are revealing. More than one in four Danish respondents believe their pension will be somewhat adequate, whereas more than one in three Italians expect the opposite. “The overall message is clear: many feel they are putting money into a system they do not trust,” the study notes.
One French participant captured the mood: “My biggest concern about pensions is that the pension system no longer works for my generation and those after us. That we have to pay the price for poor political and economic choices.”
Divergent Expectations Across the Continent
The OECD data cited in the report shows that income sources for Europe’s elderly vary widely. Public transfers—such as earnings-related pensions—account for 56% of older people’s income on average, while private occupational transfers make up 7%. In Austria, Belgium, Finland, France, and Luxembourg, public transfers provide around 80% of elderly incomes.
Young people also differ on how long they expect to work. Danes and Italians anticipate the longest working lives, while French and Polish respondents are more likely to imagine retiring earlier. Most Spanish, Italian, German, Polish, and French respondents believe the current pension system is broken and needs reform. In contrast, 43% of Danish respondents think their system works well and requires no change.
This generational skepticism comes as EU member states grapple with pension sustainability. The European Commission has recently backed Spain on pension fund use, though MEPs demand more clarity. Meanwhile, Hungary’s government has resisted EU pension and tax demands as a €17 billion funding deadline looms.
Young Europeans are split on what they would sacrifice for reform, but the underlying message is consistent: they want a system that works for them. Until then, they will keep paying into a promise they doubt will be kept.
