Citizens are showing a higher interest when it comes to investing in private pension schemes instead of the state-operated ones.

At the end of March, the number to citizens who have paid in order to obtain their retirement benefits from voluntary funds reached 34.555, which marks an increase by 2.875 individuals compared to last year.

The value of the investment in these funds reached 40 million euros, marking a 6% rise since last year.

The highest interest to receive a private retirement plan was noted amongst women, who rounded up to 17.877 participants compared to men with 17.375.

However, as citizens head to these volunteer private funds, the state-owned public pension scheme has reported a serious deficit.

At the end of April, the state’s payments for retirement benefits reached 391 million euros.

Meanwhile, the profits coming in from income tax contributions were 286 million euros – 104 million euros less.