Every second German is saving for old age. Safety is the most important thing for Germans, a high return is only decisive for one in four. Many still rely on overnight money accounts and savings books – despite the low interest rates.
Whe can save, especially for old age. However, a representative survey by the Yougov opinion research institute on behalf of the cooperative association also showed that one third of people in Germany do not invest any money at all because they say they do not have the means to do so. “The danger of a social division is real,” warned the chairman of the cooperative association, Ralf W. Barkey.
Because every second of the 2062 adults surveyed expects that their standard of living will decline in old age. At 46 percent, almost as many would like to make more provision – across all income groups. But 15 to 20 percent of people only do this with a monthly income of at least 2500 euros.
The rich save more
In the income classes above 3500 euros, the goal of old-age provision is therefore well above average. “Those who are more likely to afford it also give more weight to this goal,” explained Barkey.
Overall, among investors, 48 percent named old-age provision as their primary goal, closely followed by a nest egg (44 percent). Only at a considerable distance are savings made for larger purchases (24 percent), for travel (23 percent) or for owner-occupied residential property (21 percent). For this question, the respondents were able to name up to three savings goals.
Security when investing is the most important criterion for those surveyed (42 percent), while 23 percent are aiming for an attractive return. Savings are primarily made on overnight money accounts (29 percent) and savings books (24 percent), although these hardly yield any returns at the current low interest rates. Building loan and savings contracts (21 percent) and life insurances (17 percent) are also popular – savers were also able to specify several investments that they use on this question.
The association represents the interests of 2,800 cooperatives in all federal states with the exception of Bavaria and Baden-Württemberg. Many of the Volks- and Raiffeisenbanken are members of the association. In addition, the association has many members from other areas, for example from agriculture, energy supply or water supply.