>Of course, in America you have to fund your own retirement.

Isn't social security a thing? Plus employer funded 401K also?

>As long as the pensions plans remain solvent, "savings" are a lot less important in Europe.

"As long as" is doing a lot of lifting here, and that's enough if you're lucky enough to own your own property and not have to pay market rate rent at your old age.

> Isn't social security a thing?

Social Security alone will, at best, slightly mitigate poverty. 401Ks are generally employee-funded, with some firms providing matching funds, especially during good economic times and where the firm is in a field where the main area of labor relied on relatively scarce so that there is competition for talent.