BERLIN (dpa-AFX) - According to a survey, many people in Germany would like to save more. In a survey conducted on behalf of the Federal Association of German Cooperative Banks (BVR), one in two Germans stated that they are missing their own savings targets by at least half, according to the BVR. "This is fatal with regard to old-age provision," said BVR President Marija Kolak. The German government should decide on a reform of the Riester pension before the end of this year, regardless of the Pension Package II that has been presented. "Both young people and households with low and medium incomes are dependent on improved state support for private pension provision," said Kolak.

Lack of funds

In the survey in January/February 2024, around 20 percent stated that they do not put anything aside each month, although they would need to save 166 euros. Ten percent of the 2400 or so people surveyed by Kantar save up to 49 euros. To achieve their goals, however, they estimate that they would need to save 141 euros. A further almost 20 percent miss their savings target of EUR 171 by a good half with savings of EUR 50 to 99 per month. For savers who set aside between 100 and 249 euros and above-average savers (250 to 499 euros), the gaps are smaller at just under 25 percent and a tenth respectively. People who save at least 500 euros a month stated that they were able to achieve their goals.

In terms of age group, savers aged 70 and over feel they have missed their targets by a good 10 percent. Respondents aged between 20 and 29, on the other hand, believe they are only halfway there. The age groups in between see a gap of between a third and a quarter.

Savings targets are not being met despite restrictions

"German citizens are very willing to save for the future, but too many lack the means," said BVR President Kolak, summarizing the results. Young people and small savers in particular do not consider their savings goals to have been met. According to their own statements, they would not be in a position to do so even if they cut back on spending, for example.

Last year, a commission set up by the German government presented proposals for a fundamental reform of private pension provision. The aim is to enable greater returns. In future, anyone taking out a Riester pension should be able to waive the contribution guarantee if they wish - "in the interests of a higher long-term return", said Federal Finance Minister Christian Lindner (FDP) recently./mar/DP/zb