A large number of Germans fear that they will not have the financial means for a well-earned retirement. Over 60% of those approaching retirement age in Germany are afraid that they will not have enough money in old age to maintain their usual standard of living.
A large number of Germans fear that they will not have the financial means for a well-earned retirement. Over 60% of those approaching retirement age in Germany are afraid that they will not have enough money in old age to maintain their current standard of living. They see one reason for this in the falling statutory pension level: in Germany only 8% of over 50s believe that the state will offer adequate support for them in retirement. They are less optimistic than their neighbours: in Holland 20% still believe in provision from the state, and in Belgium 17%. While in Germany 60% of those asked were of the opinion that this should be the state's responsibility, in the Netherlands 75% and in Belgium 78% held this view.
These are the results of a survey carried out by the British insurance group Aviva, of which Delta Lloyd Germany is also a part. 28,525 people in 25 countries were surveyed this year.
Save or work longer?
"From our point of view it is very positive to see that people are estimating the level of their statutory pension so accurately. Only with this knowledge can they make additional provision for retirement in good time. There are also many possibilities for those nearing retirement age, such as the Rürup pension which offers substantial tax benefits for this age group," explains Christof W Göldi, chief executive of Delta Lloyd Germany.
The conclusions drawn by German citizens from the falling state provision for old age are however very different. In Germany around 50% of those nearing retirement age consider savings - whether they save regularly or only when they can afford it - to be a good solution. In the Netherlands and Belgium saving has lower significance, favoured by 41% and 42% respectively.
In Germany as many as a third of participants would work past their usual retirement age to improve their financial situation. With 36% in Holland and 40% in Belgium, willingness in neighbouring countries is a little higher still.
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For further information:
Martina Fassbender
Telephone: 0611 773 25 71
Fax: 0611 773 14 25 71
E-mail: martina.fassbender@deltalloyd.de
Notes to editors:
Information on the survey
The Aviva group surveyed 28,525 people from 25 countries, aged 18 or above. A quarter of participants were aged 55 or above. The survey was completed either online or during personal interviews.
Further details on the survey, as well as images, can be requested from presse@deltalloyd.de or by telephone on 0611 773 2571.
About Delta Lloyd
Delta Lloyd Germany is a 100% subsidiary of Delta Lloyd Group, Amsterdam, and therefore part of the British Aviva Group. The company offers a one-stop shop for a wide range of financial, investment and provident products and also provides expert advice on all financial matters. Along with the Delta Lloyd Leben and Hamburger Leben life insurance companies, the Delta Lloyd Group in Germany is made up of a pension fund and a consultancy company for company pension schemes, as well as its own private bank, a property company and a property financing brokerage.