Share of people that understand the the new pension system in the Netherlands 2023

In 2023, the Dutch government announced reforms of the Dutch pension system. Under the previous system, the working population contributed to one large fund that pensioners would receive money from. Under the new proposal, individuals would save for themselves. This is expected to create a "pension-hole", mainly for those aged 40 to 55 years old, who at the beginning of their career contributed to the pensions of people retiring at the time, but when they themselves reach retirement-age, will not have had young workers to pay for them. The government has agreed to compensate this group of people, whose pension-hole is estimated to total 60 billion euros. However, a large portion of respondents did not understand what the new pension law means for them, as around 71 percent of those aged 18 to 34 years and 35 to 54 years did not seem to understand the new proposed pension system.