Many young people are concerned about the amount and security of their future pension. According to a current survey by Unique Research, the majority expect that they will not be able to maintain the desired standard of living after retirement and do not trust the state system.
Three-quarters of respondents between the ages of 18 and 30 are concerned about the amount and security of their future pension. This makes one’s own pension the second largest concern, ahead of war (73 percent), economic development and climate change (70 percent each). Inflation remains in first place at 85 percent.
On average, the 800 respondents expect a pension of 1,393 euros per month, which is just below the minimum income. Although the majority distrust the state pension system, only just under a quarter have taken out a private pension scheme. Counterarguments include the financial effort and lack of tax incentives. However, half of those who have not taken out a private supplementary pension are fundamentally positive about this. You would be willing to deposit an average of 104 euros per month.
Which speaks for private facilities
Those who have taken out a supplementary pension justify this mainly by safeguarding their standard of living and pension provision, financing healthcare and protecting themselves against disability during their working lives.
Another result of the research is that many people feel insufficiently informed about money and finances. Only a quarter think they have learned enough about it at school. The more educated a person is, the more dissatisfied he is with it. The gaps need to be filled via the internet, through conversations with family and friends, the media and through advice.
The ‘2050 Initiative’, which includes all providers of corporate and private pension provision, speaks of a ‘clear mandate for politicians’. For example, there would be a need for tax incentives for private pension provision and better financial education in schools.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
