The demand for voluntary pension funds, commonly known as the third pillar, remained poor all over Europe in 2018 but was lowest in Estonia, an investors rights' group reported.
Returns were also low in Lithuania, Latvia, Bulgaria, and Spain, with Austria having the best return rate at just above zero.
Second pillar pension funds, which are contributed to by employers, were also mostly negative, the newspaper said.
Better Finance's president, Axel Kleinlein said the European Union needs to "defuse the ticking time bomb" of European pensions, and can "ill afford" to ignore the issue and let things carry on as they are.
Editor: Helen Wright