- Inflation: A good third provide less for retirement
More than a third of Germans are saving less for retirement due to the significant price increases of recent years. This is the result of an online survey conducted by the market research institute YouGov on behalf of the insurance conglomerate Axa. While 32 percent had indicated in a survey last year that they were saving less for retirement due to the strong increase in inflation, this time it was 37 percent.
Between July 24 and 26, 2,053 people in Germany were surveyed. According to Axa, the results are representative of the German population aged 18 and over.
The survey found that 62 percent of respondents invest money into a private pension scheme (excluding owner-occupied housing) each month. Last year, this figure was 56 percent.
Monthly investments vary greatly
The amounts invested vary greatly: currently, 14 percent of respondents invest less than 100 euros per month, while 17 percent save between 100 and 200 euros per month. 12 percent invest between 200 and 300 euros per month, and 8 percent save between 300 and 400 euros per month. 11 percent invest more than 400 euros per month.
It was also found that only about one in five (21 percent) now rely solely on the statutory pension. Last year, this figure was 27 percent.
The Federal Ministry of Social Affairs recommends, especially to young people, to have additional pension provision. "The fact that people will live longer in the future and the proportion of older people will increase will have an impact, especially in the future. The consequence is that the statutory pension insurance will no longer be able to provide what it does today," the ministry explains on its website. An additional pension provision, which is supported by the state, offers the opportunity to achieve an additional income in old age.
According to the Federal Statistical Office, in 2023, 87 percent of employed persons in Germany were covered by statutory pension insurance. The remaining employed persons are self-employed, civil servants, low-income employees, and unemployed persons.
Consumer Advice Center and BMAS statements on private pension provision
Axa S.A., the insurance conglomerate that commissioned the survey, found that 37% of Germans are saving less for retirement due to inflation's significant price increases. The survey, conducted by market research institute YouGov, also revealed that 62% of respondents invest in a private pension scheme each month, which was 56% last year.
