By Ilonka Oudenampsen
Public confidence in the financial sector has declined in the Netherlands over the last year, with people’s confidence in their own pension fund decreasing from 62 per cent in 2011 to 55 per cent this year, De Nederlandsche Bank has found.
For the DNB Household Survey, the Dutch regulator questioned 2,272 people aged 16 and over. While public confidence in Dutch financial institutions strongly declined during 2006-2009, it increased slightly in 2010 but remains substantially lower than before the crisis. While pension funds are trusted less, public confidence in banks rose slightly.
With 55 per cent, confidence in pension funds is much lower than confidence in banks (78 per cent) and life insurers (73 per cent). Public confidence in pension funds is 30 per cent lower than in 2007, but DNB believes this might be connected to the announced benefit cuts, the ongoing discussion about the future of the pension system and the increased retirement age.