Deutsche Bank survey: Every second German fears poverty in old age

Every second German aged between 20 and 65 years fears poverty in old age, according to a survey published by Germany’s Deutsche Bank on Wednesday.

According to the survey, 75 percent of Germans believed that poverty among the elderly was a “widespread” phenomenon in Germany. The majority of respondents was also convinced that the statutory pension payments would not be sufficient.

“Pensions will continue to fall in relation to incomes due to population trends,” said Stefan Schneider, chief economist of Deutsche Bank. “Even if the government continues its subsidies, the pension insurance system as it is now will make billions in losses.”
According to the survey, more than 50 percent of Germans even expect the statutory pension system to collapse “sooner or later”.

Reforming the German pension system would become “more and more difficult because the number of pensioners is rising sharply”, stressed Schneider.

Only 17 percent of the 3,200 people surveyed in Germany said that their retirement was “secured” by Germany’s statutory pension. On the other hand, 70 percent believed that the statutory pension system would only provide a “basic supply”.