Most Germans fear financial hardship in retirement: survey

Around 70% of Germans who have not yet retired are worried about their financial situation in old age, according to a survey published ahead of a planned overhaul of the country's pension system, reported dpa.

Concern was highest among younger adults, with 75% of respondents aged 18 to 29 saying they were either somewhat or very worried about their retirement finances, the YouGov poll commissioned by anti-poverty charity Lichtblick Seniorenhilfe showed.

More than 70% of respondents in all age groups up to 69 expressed similar concerns. Among people aged 70 and over, 55% said they were financially worried given their current situation.

Germany operates a state pension system funded largely through contributions from current workers. The system is coming under increasing pressure as large numbers of baby boomers retire and the working-age population shrinks.

The survey found 88% of respondents viewed old-age poverty as a major issue in Germany, while 92% expected it to become more common over the next decade.

About 73% said retirees would need at least €1,500 net per month to cover basic living costs, and the same share opposed any further increase in the retirement age.

The German government plans to begin work this summer on a major pension reform aimed at securing the system's long-term financing.

YouGov surveyed 2,178 adults in Germany between April 10-13.