Over half of Turkish people believe that they will face economic problems after they retire, so most have planned to keep working, according to a survey by AvivaSA and its partner Aviva in 12 countries, the Hurriyet Daily News reports.

Some 12,500 people participated in the “Consumers’ Saving Tendencies” survey in the United States, China, Indonesia, France, Britain, Ireland, Spain, Italy, Canada, Poland, Singapore and Turkey.

Around 55 percent of Turkish people are concerned about their potential financial difficulties in retirement, according to the study. However, Polish residents are the most concerned with their post-retirement future, with 58 percent.

Some 50 percent of Turkish people believe they will need to work after they retire, according to the study, which was made in cooperation with the Ipsos research firm.

“A total of 5.5 million people have recently enrolled in the private pension system, creating around 42 billion Turkish Liras worth of funds in Turkey… Between 2011 and 2051, an additional 91 billion euros of savings must be made to meet the financial demands of the retired people. Each Turkish person must make an additional 2,400 euros of savings annually to reach this amount. In Turkey, where the saving ratio is very low, the state contribution of 25 percent to the private pension system for each pensioner is of great importance,” said AvivaSA Retirement and Insurance CEO Meral Eredenk Kurdaş at a press meeting announcing the survey results on July 9.

People say they have financial difficulties mainly in two countries: Turkey and Poland. One in three people is not happy with his or her financial opportunities in these countries, according to the study.

Some 23 percent of Turkish people said they suffer from financial difficulties, with 31 percent saying they are “fine” and 46 percent saying “they can barely afford their lifestyles.”

The study also showed that around 49 percent of Turkish people do not want to borrow money for fear of being indebted. Turkish people are the most concerned group about this issue, followed by Indonesians with 48 percent and Poland with 37 percent.

Some 41 percent of Turkish people also said they “could not pay their bills on time nowadays,” the highest out of all the countries polled. Ireland and Indonesia follow Turkey with 21 percent.