up to 70% of savers would withdraw pension funds

With much controversy and debate, the discussion of the so-called sixth retreat was restarted in the Constitution Commission of the Lower House of Chile. There are six initiatives that share the main idea of ​​allowing the withdrawal of a part from the AFP funds, which ranges from one million pesos, up to 10% and even covers all of the pension savings.

While the deputies were presenting their projects, at the entrance to the Congress headquarters, a group of protesters demanded that they be allowed to use the money invested in retirement savings accounts, arguing that these resources belong to them. Well then, ChileDeudas –belonging to the Holding Advisor Financial Group- prepared a study to find out who would make a withdrawal from their pension funds and what they would allocate it to, in the event that the project was approved.

The survey revealed that over 70.3% of Chileans would materialize what would in fact be the fourth transfer, despite the fact that 10% of those consulted admitted having run out of funds for having materialized the previous withdrawals. Regarding the use that would be given to the resources drawn from the pension savings accounts, the survey shows that 60% would be used to pay debts, while 20% would be invested in enterprises, in improvements to their houses or in maintaining their SMEs.

Only 15% would use it for food, after losing their sources of income due to the economic crisis, and a scant 5% would allocate it to savings and personal consumption.