In Latvia, the second-level pension system currently has over a million participants, predominantly enrolled automatically through salary deductions as part of social contributions. The accumulated capital in this system exceeds 10 billion euros. However, most individuals participating have relatively low savings, with the most common group being approximately 700,000 people who have savings of 5000 euros or less. This group largely consists of individuals approaching retirement age as well as those aged between 31 and 50, who still have time to build their savings before reaching the retirement age of 65.

Following the largest group, the next category is significantly smaller, comprising 261,000 individuals with savings of up to 10,000 euros, while 236,000 participants have saved between 10,000 and 20,000 euros. Notably, there is a sharp decline in the number of participants with higher savings amounts, as only slightly over 10,000 individuals have accumulated more than 50,000 euros. This pattern raises concerns about the financial readiness of Latvians for retirement, highlighting the need for individuals to increase their savings to ensure a more stable financial future following their working years.

Overall, the data on Latvia's second-level pension savings underscores the challenges faced by many individuals in accumulating sufficient retirement funds. As the workforce ages, addressing these savings disparities will be crucial for enhancing the overall economic security of retirees and reducing potential reliance on state support during retirement. There is an urgent call for more financial education and incentivization to encourage higher savings among workers before they retire.