Despite a slight rise in overall interest, many Germans remain noticeably hesitant when it comes to private retirement planning, according to a new survey conducted by the Federation of German Banks. Although the general interest in investments and financial matters has increased, the survey found that a significant portion of the population continues to steer clear of deep financial topics.
Only four out of ten people who are not yet retired report seriously engaging with their pension planning, according to the findings. The Banks’ Association noted that this represents a marginal improvement since 2024, though it marks a decline from the peak observed during the COVID-19 pandemic, when around 56 percent of working respondents indicated they had been seriously considering retirement.
This gradual uptick occurs at a time when the German government itself has placed private retirement saving back into the spotlight, recently passing legislation to support state-backed retirement accounts and implementing measures like providing start capital for private savings for those retiring early.
However, the findings highlight clear barriers to effective planning. The survey indicates that an individual’s current financial health is a major determinant of whether or not they tackle retirement planning. Those who describe their personal economic situation as (very) poor are significantly less likely to plan for retirement-at only 25 percent-compared to those who are financially stable, where the figure reaches 64 percent. The Banks’ Association points out that this crucial planning step is happening least frequently among the very people who need it most.
On a broader note, the general public feels reasonably knowledgeable about financial matters; nearly two-thirds (65 percent) of respondents claim to be (very) knowledgeable regarding financial issues, showing a marked improvement in self-confidence regarding money matters compared to previous years.
For the younger generation (18 to 29 years old), who show greater interest in the topic, more than half (55 percent) report that their interest has only developed within the last two years. Despite this expressed interest, awareness of the “retirement gap”-the difference between final net income and statutory pension benefits-is still low, known by only 54 percent within this age group. Across all demographics, however, awareness of this gap stands at 62 percent.
Overall, the Federation of German Banks concluded that substantial work is needed to integrate private retirement planning into broader segments of the population. “The figures show: for many working people, retirement planning is still a distant concept” stated Heiner Herkenhoff, the Managing Director of the Association. He stressed that securing sufficient and timely savings is essential for a strong financial position later in life. The survey was conducted between January 29 and February 13, polling 1,303 individuals.