Lower standard of living

Three quarters of young people are worried about their pension

Many young people are worried about their future pension (symbolic image).(Bild: shutterstock)

Many young people are worried about the amount and security of their future pension. According to a recent Unique Research study, the majority do not expect to be able to maintain their desired standard of living in retirement and do not trust the state system.

Three quarters of respondents aged between 18 and 30 are concerned about the amount and security of their future pension. This makes their own pension the second biggest concern, ahead of war (73%), economic development and climate change (70% each). Inflation remains in first place with 85%.

On average, the 800 respondents expect to receive a pension of EUR 1393 per month, which is just below the minimum income. Although the majority express their distrust of the state pension system, only just under a quarter have taken out a private pension. Counter-arguments include the financial cost and lack of tax incentives. However, half of those who have not taken out a private supplementary pension are generally positive about it. They would be prepared to pay in an average of 104 euros per month.

What speaks in favor of a private pension
Those who have taken out a supplementary pension mainly do so to secure their standard of living and old-age provision, to finance care and to protect themselves against occupational disability during their working life.

Another finding of the study is that many people do not feel sufficiently informed about money and finances. For example, only a quarter believe that they learned enough about them at school. The more highly educated the person is, the less satisfied they are. The gaps are to be made up via the internet, discussions with family and friends, media and advice.

The "Initiative 2050", which includes all providers of occupational and private pension provision, speaks of a "clear mandate for politicians." For example, tax incentives for private pension provision and better financial education in schools are needed.