According to Swedbank's Lee Maripuu, a lack of personal savings means that a third of workers in the country would not be able to survive financially for even a month if they lost their jobs.
Maripuu told ETV on Wednesday that around half of the population has savings, but most people have less than 1,000 euros.
Think tank Praxis said that the state and banks should work to advocate saving, introducing measures such as independent financial advisers. Another idea would be for employers to divert part of a pay-check directly to staff savings accounts.
On the subject of pensions, Maripuu said that most Estonians believe that their pension will be 70 percent of what they earned at the end of their careers, but in reality the first two pillars of the pension system currently make up only 40 percent.
A poll by the bank revealed that 43 percent of the nation's employees are hoping to continue working past the retirement age, 36 percent have bought real estate and hope to earn from that, 29 percent said they will depend on their children and only 17 percent are saving money for retirement.