The financial position of Switzerland's pension system has improved notably, according to the latest Vorsorgebarometer published by Raiffeisen. The index rose 28 points to 725 out of a possible 1000, marking its highest level since the study began in 2018, when it stood at 587.
Jürg Portmann, co-director of the Risk & Insurance Institute at the Zurich University of Applied Sciences (ZHAW), attributed the improvement primarily to stronger balance sheets across all three pillars, especially among pension funds, alongside a rising national savings rate. "These factors led to a significant brightening in the economic conditions of the pension systems," he said during a conference call on Thursday.
The ZHAW conducted the study jointly with Raiffeisen for the ninth time. The survey polled 1,011 respondents aged 18 to 65. Beyond financial metrics, the barometer also captured shifts in public knowledge and confidence: both have risen alongside the improved outlook.
Long-term financing of the first pillar, however, remains the dominant concern. Nearly 39% of those surveyed believe the AHV — the state old-age and survivors' insurance — will struggle to cover its expenditures going forward.
Meanwhile, participation in third-pillar private savings reached a record 79%, up significantly from previous years. Portmann pointed to a regulatory change introduced at the start of 2026 that allows retroactive make-up contributions to 3a accounts. While 63% of respondents are aware of the option, only 5% have actually used it, suggesting considerable untapped potential.
Early retirement continues to be a widespread aspiration, though likely unfulfilled for many. More than half of those aged 51 to 65 expressed a desire to leave the workforce before the statutory retirement age, yet nearly a third doubted they could achieve it.
"The financing of early retirement will become even more demanding for future generations due to declining conversion rates, increasing life expectancy, and increasingly non-linear career paths," Portmann said. A longer working life is therefore gaining importance. About two-thirds of respondents said extended employment was conceivable, but most envisioned it only on a part-time or sporadic basis.
