It's not that people don't want to save for retirement, it's because they can't afford to.
PPF (Czech Republic), financial group, agreed with the insurance group Generali (Italy) to leave the joint-venture Generali PPF Holding (GPH) (Italy/Czech Republic) in Jan 2013. PPF will sell its 49% stake in GPH to Generali for EUR 2.7 bil, about CEK 64 bil, in two stages by 2014. The key company of GPH is the largest insurance company on the Czech market, Ceska pojistovna (CP) (Prague, Czech Republic), which PPF acquired for about CEK 5 bil at the end of the 1990's. PPF is owned by the richest Czech Mr. Petr Kellner. Generali counts with the help of Mr. Kellner in the implementation of strategic objectives in Central Europe still for the next two years.