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Study: Many people would like to save more

Study: Many people would like to save more

Small savers and young people in particular see a clear gap between their savings goals and what they can put aside. Volksbanks are calling for improved state support.

According to a survey, many people in Germany would like to put more aside. In a survey commissioned by the Federal Association of German Volksbanks and Raiffeisenbanks (BVR), every second German citizen said that they missed their savings targets by at least half, the BVR announced. “With regard to retirement provision, this is fatal,” said BVR President Marija Kolak.

The federal government should decide on a reform of the Riester pension this year, regardless of the proposed pension package II. “Both young people and households with low and middle incomes are dependent on improved state support for private pension provision,” said Kolak.

Lack of funds

In the survey in January/February 2024, around 20 percent said they were not putting anything aside each month, even though they saw a need to save 166 euros. Ten percent of the 2,400 or so people surveyed by Kantar had up to 49 euros to spare. However, in their own estimation, they would need 141 euros to achieve their goals. Another almost 20 percent, with reserves of 50 to 99 euros per month, missed their savings target of 171 euros by a good half. For savers who put aside 100 to 249 euros and above-average savers (250 to 499 euros), the gaps were smaller at just under 25 percent and a tenth, respectively. People who save at least 500 euros per month said they were able to achieve their goals.

Looking at the age group, savers aged 70 and over see that they have missed their goals by a good 10 percent. Those surveyed between the ages of 20 and 29, on the other hand, only estimate that half of them have been achieved. The age groups in between see a gap of between a third and a good quarter.

Savings targets are not met despite restrictions

“German citizens are very willing to make provisions for the future, but too many lack the means,” said BVR President Kolak, summarizing the results. Young people and small savers in particular do not consider their savings goals to have been met. Even with restrictions on spending, for example, they say they do not feel able to do so.

Last year, a commission set up by the federal government presented proposals for a fundamental reform of private pension provision. The aim is to enable higher returns. Anyone who takes out a Riester pension should be able to forego the contribution guarantee if they wish – “in the interest of a higher long-term interest rate,” said Federal Finance Minister Christian Lindner (FDP) recently.

Source: Stern

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