D.he trust of Germans in the statutory pension has continued to decline during the Corona crisis. On average, only about a fifth have the greatest trust in the statutory pension insurance when it comes to providing for their own old age. Around half, on the other hand, rely on their own property, a quarter on private life or pension insurance.
This is the result of a survey on behalf of HDI Lebensversicherung. The opinion research institute Yougov surveyed 3,633 working German citizens in June and July of this year. On average, every third employed person grew trust in their own property as a retirement provision during the Corona period. The opposite was the case for every fourth employee with regard to savings accounts and the statutory pension.
Long-term investment opportunities
According to the survey, the reputation of stocks increased: one in five employees (19 percent) named stocks, bonds and funds as the forms of old-age provision in which they would most trust. For young people and those in employment aged 65 and over, the confidence values for securities are significantly higher than for the other respondents. Among the respondents less than 45 years old, the proportion was 20 percent – in contrast, only 16 percent of this age group see the statutory pension as the most trustworthy form of old-age provision.
Obviously a generation change is taking place in old-age provision, says Patrick Dahmen, head of HDI life insurance. The long-term opportunities of capital market-based offers such as stocks and funds in particular would be weighted more heavily than the possible short and medium-term price fluctuations on the stock market. However, according to the survey, there is a clear gender difference: According to the survey, 24 percent of men do this, and only 13 percent of women.