FRANKFURT, June 30 (Bernama-dpa) — Nearly 75 per cent of people surveyed in Germany believe they will not be able to maintain their current standard of living when they retire, because their pensions will be insufficient and slightly more than half plan to keep working because of that.
To maintain their standard of living, 54.3 per cent of the of 1,163 working respondents queried in a YouGov poll released on Monday, said they would be willing to work beyond the legal retirement age, mostly in part-time and up to the age of 70.
One in five from this group (19.8 per cent) would only continue working if they earned more. A third of respondents rejected the idea of working longer in old age.
The federal government aims to remove barriers so that older employees can continue working if they wish. Additionally, Social Affairs Minister Bärbel Bas plans to secure the pension level at 48 per cent until 2031 with billions in funding.
Nearly two-thirds (63 per cent) of the 2,069 adults surveyed at the end of May in Germany support the increased use of tax revenue to stabilise the statutory pension system.
However, more than half (57.3 per cent) doubt that tax revenue can maintain pension levels in the long term.
About half of the respondents are also making private provisions to ensure a financially secure retirement.
Nearly 70 per cent would welcome state support for investments in securities such as stocks and funds for retirement savings, including for children and teenagers.
In other countries, such as the Netherlands, the United Kingdom, Sweden and the United States, returns from stocks and other financial products are an important component of retirees’ income.
–BERNAMA-dpa