Lebanese lack awareness on pension and health insurance while major decisions fall on men

This is the second part of the summary of the survey focusing on Lebanese attitude to budgeting and expenditures which we covered last week under the title “Lebanese Women are more effective than men in managing their monthly budget”, focusing this time on social rights. The survey showed that 32% of the Lebanese under 60 and who have not reached retirement age, are unaware of the importance of old age planning. Figures revealed that women are behind men, by 36% to 72%. Also, some 69% of respondents are unfamiliar with the fact that the Social Security does not include a retirement income, and 41% do not know the difference between end of service indemnity fund offered by the Social Security and the pension plan. As for planning for the future of children, the survey found that while 50% of Lebanese families are able to prepare to financially cover their children’s studies, 13% have resort to savings and 17% use their investments, while 17% do not carry out any planning. It also uncovered that against 47% of the Lebanese who do not attempt to save money, there are 53% who do so. Again 39% of the Lebanese plan their expenditures on a weekly basis against 11% who keep a 6-month planning. On the management of money and decision making side, the survey demonstrated three cases: In the first, the decision is individual in 31% of cases, whereby men are the decision maker in 50% of the cases against 16% for women. The second case, shows the involvement of the couple in 10%, of the cases noting that women more than men tend to consult their partners to make the decision together, (14% of women against 5%.of men). In the third case, the decision is up to one partner in 9% of the cases, and whereby women rely more on their spouses (16% as opposed to 1% or less for men). Regarding health insurance, the study showed that 22% of the Lebanese people are health insured by private companies; 30% of which are employers or entrepreneurs while 29% are wage workers. Tendency to get health insurance increases notably with high income, raising from 20% in average income to 40% for high income people. (Al Diyar, February 1, 2015)