In order to close their expected pension gap, many citizens are investing in private pension provision. However, the inflation of recent years has not been without impact, a survey shows.
More than a third of Germans are making less provision for their old age due to the large price increases of recent years. This is the result of an online survey conducted by the Yougov opinion research institute on behalf of the Axa insurance group. While 32 percent of people in a survey last year said they were making less provision for their retirement due to the sharp rise in inflation, this time the figure was 37 percent.
2,053 people in Germany were surveyed between July 24 and 26. 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 every month in private pension provision (excluding owner-occupied housing). Last year, the figure was 56 percent.
Monthly investments vary greatly
However, the amounts spent vary greatly: 14 percent of respondents currently pay less than 100 euros per month into a private pension plan. 17 percent save between 100 and 200 euros per month for their own retirement. 12 percent of respondents invest 200 to 300 euros per month. 8 percent of Germans save 300 to 400 euros per month. 11 percent invest more than 400 euros per month.
It also emerged that only around one in five (21 percent) relies exclusively on the statutory pension. Last year, this figure was 27 percent.
Additional retirement provision recommended especially for younger people
The Federal Ministry of Social Affairs recommends that younger people in particular take out 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 in the future in particular. The result is that in the long term, the statutory pension insurance will no longer be able to provide what it does today,” the ministry explains on its website. Additional pension provision, which is subsidized by the state, offers the opportunity to earn additional income in old age.
According to the Federal Statistical Office, a good 87 percent of the employed population in Germany had statutory pension insurance in 2023. The remaining employees are self-employed, civil servants, marginally employed people and the unemployed.
Consumer advice centre announcements on private pension provision BMAS on additional pension provision
Source: Stern
