"We are seeing a rather shaken confidence in the statutory pension," said Thomas Hörter, Head of Market Research at Deutsche Bank. And at least half (54 percent) of those surveyed even expect the statutory pension system to collapse sooner or later as Germany struggles with an ageing society. READ ALSO: Old-age poverty in Germany 'set to rise significantly'The survey came as Germany discusses raising the pension age from 67 to 69 as people live longer. The awareness that private pension provision is necessary in order to maintain your own standard of living in retirement is also high. Almost half of those surveyed (47 percent) stated they would like to save more for old age but had no money left.

Source: The Local December 04, 2019 09:33 UTC