Pensions, dependence on the state remains high - RCC: Private coverage is weak. Less than 10% in Albania and the region
The state pension is the only financial salvation for Albanians and other citizens of the region in old age. In a survey conducted by the Regional Cooperation Council (RCC), where citizens of the Western Balkans were asked about this issue, state pension coverage is highest in North Macedonia, Bosnia and Herzegovina, Serbia and Albania with over 60%, while Kosovo's coverage remains significantly lower.
Private pension coverage is modest across the region, with the exception of North Macedonia, where it reaches around 16% in 2025, while in Albania and other countries it is below 10%.
This higher rate in North Macedonia is due to its three-pillar pension scheme, which includes a traditional state scheme, a mandatory private part managed by licensed pension funds, and a voluntary private savings option.
According to data from the Financial Supervisory Authority, private pension funds in Albania number over 48 thousand members, while the total net assets of private pension funds are 14.3 billion lek.
Despite the increase in private pension contributors, the ratio to those who contribute to a state pension is still very small. Approximately, only 5.8% of social security contributors also contribute to a private pension.
Based on these data, in the 6 Western Balkan countries, financial protection depends mainly on state systems and very little on private insurance markets. Types of insurance that are mandatory by law enjoy wide acceptance, while those that are voluntary or more specialized are embraced by only a small part of the population.
However, actual insurance usage rates differ from the figures reported in the survey, largely due to varying levels of financial literacy and confusion or lack of differentiation between types of insurance.
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