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Financial concerns about security in old age are growing

According to a survey, almost half of the people in Germany are concerned about their financial situation in old age. As the survey commissioned by the Association of German Banks (BdB) shows, 45 percent of 30 to 59-year-olds fear that they will be in a bad financial position when they retire. Three years ago it was 30 percent. “Expectations have deteriorated significantly in recent years. This result of our survey is worrying,” said Henriette Peucker, deputy BdB general manager.

Pessimism is particularly great among 18 to 29 year olds. Here, 49 percent now fear that they will not do well financially in old age. In 2020 it was only 20 percent. 37 percent of those over 60 are concerned.

In general, most (93 percent) of the more than 1,300 respondents in February assume that “a great many people” in Germany are affected by a pension gap and will have significantly less money available when they retire than before. Almost two-thirds (64 percent) of those who have not yet retired believe that they will have to severely limit themselves financially as they age.

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According to the information, company and private pension schemes now play a greater role. For example, of those surveyed aged 50 and over who have not yet retired, 44 percent have supplementary company insurance and 41 percent have private supplementary insurance. Among pensioners, it was only 32 and 15 percent, respectively. Slightly more than half of those surveyed (51 percent) believe that the state should promote private old-age provision more than it has in the past.

Also read: Pension and salary at the same time – what does that mean for the GKV?

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