Two-thirds of Swiss people believe their state pension and occupational pension fund benefits alone will not be enough to maintain their previous standard of living in retirement, according to the latest edition of BNP Paribas Asset Management's "Ruhestandsmonitor" survey.
The 16th edition of the study, presented Wednesday by Werner Rutsch, head of client group Alts Switzerland at BNP Paribas Asset Management Alt, found that overall financial preparedness for retirement has slipped. Swiss respondents rated their financial security on a scale of one to ten at an average of 6.1, down from 6.4 the previous year.
The decline was most pronounced among women, whose average rating fell to 5.6 from 6.2 a year ago, while men rated their situation at 6.7. The gap widened considerably when measured by purchasing power: respondents in the highest bracket gave an average score of 8.8, compared with just 3.0 for those in the lowest bracket.
Expectations about the level of future pension benefits have barely shifted. On average, respondents anticipate that the Swiss Old-Age and Survivors' Insurance (AHV) and their pension fund will together cover around 58.2% of their final employment income, virtually unchanged from 58.3% last year.
That leaves many pessimistic. Sixty-seven percent said they doubt they can maintain their current standard of living on AHV and pension fund benefits alone — matching the share registered in the 2025 survey. Nearly a third of respondents also expect to need supplementary state benefits in old age.
Survey respondents were asked for the first time whether relocating abroad could help secure their living standards. Twenty-seven percent said they could imagine such a move, rising to 36% among 18- to 39-year-olds and 38% among the lowest purchasing-power group. Among those who feel poorly prepared financially, 41% considered emigration an option.
Preference for how pension fund savings should be paid out remained largely stable: 43% favored a monthly annuity, 30% wanted a mix of annuity and lump sum, 16% opted for full lump-sum withdrawal, and 7% reported having no pension fund assets.
Reform momentum has cooled slightly despite widespread anxiety. Sixty-eight percent said a reform of the retirement system is necessary, down from 71% in 2025, 73% in 2024, and 79% in 2023. Younger respondents showed stronger support (76%) than retirees (63%).
A notable shift appeared in respondents' preferred asset allocation for pension funds. Real estate remains the most favored class but lost ground, dropping from 36% in 2025 to 30% in 2026. Equities surged from 15% to 23%, overtaking bonds which fell from 18% to 14%. Alternative investments also gained, rising from 7% to 11%.
Among real-estate preferences, 67% of respondents want pension funds to invest predominantly in Switzerland, while 28% prefer a mix of Swiss and foreign properties.
Security remains the dominant investment criterion: 96% rated it important or very important, while 81% prioritized high returns. When forced to choose between return and social responsibility, 55% favored responsible investing, down from 58% last year. For real estate, 69% preferred socially driven goals such as affordable or ecological housing over maximum yield.
Although roughly four-fifths want more transparency into how their pension fund allocates money, only about one in ten said they would lodge a complaint with their pension fund over unwanted investments.
For the first time, the survey examined attitudes toward longevity. Seventy-four percent said they were broadly familiar with the term, and 40% considered it personally relevant. Three-quarters saw personal responsibility as primary for a longer, healthier life; 68% each named nutrition and exercise as key areas of personal investment.
The survey was based on responses from 1,200 people, including 299 retirees.
