New Study Reveals Young Germans’ Growing Concern for Retirement, But Lack of Knowledge and Information Remains a Major Hurdle
A recent study by MetallRente, in collaboration with the Verian research institute, has shed light on the attitudes of young Germans towards retirement planning. The survey, which polled 2,500 individuals aged 17 to 27, has found that a significant majority of young people in Germany are already taking steps to secure their financial future, with 54 percent of respondents stating that they are saving for their retirement.
However, despite this proactive approach, the study has also revealed a striking lack of knowledge and understanding about the topic of retirement planning. Only a third of the respondents claimed to have a good understanding of the subject and a large majority of the young people surveyed expressed a strong desire for more information and support. A staggering 87 percent of the respondents called for the introduction of a school subject focused on economics and finance, highlighting the need for a more comprehensive and earlier education on the topic.
The study also found that the majority of young Germans, with 96 percent, wish for a lifelong payout of their retirement savings and that they place a high value on security, with 95 percent of respondents citing it as a key consideration. A good return on investment was also a top priority, with 92 percent of the respondents valuing it highly.
Despite the growing awareness of the importance of retirement planning, the study has also revealed a lingering fear of poverty in old age, with many respondents expressing a lack of trust in the current pension system. The study’s findings serve as a reminder of the need for greater transparency and accessible information on the topic of retirement planning, in order to empower young people to make informed decisions about their financial future.