Why do people fear poverty

Ergo survey: Germans are more afraid of illness than poverty

According to this, the concern of becoming poor in the course of life accompanies young people between the ages of 18 and 30 in particular (48 percent). On the other hand, at 42 percent, over 60-year-olds are more likely than all other respondents to fear that they will no longer be able to lead their own lives in old age. Almost a third (29 percent) of Germans are deeply grieved by the threat of loneliness in old age, according to Ergo.

 

However, only a little over one in four respondents (28 percent) do not build up any monthly reserves for private old-age provision. This applies most frequently to the 18-30 year olds (33 percent) and the over 60 year olds (36 percent). Even women often do not form a stable financial cushion for old-age provision: 32 percent of them do not save a single euro a month - 24 percent of men do this.

 

Nevertheless, every second (55 percent) respondent believes that in old age they have to be more economical with their money and have to limit themselves. The age group of 41-50 year olds estimates the risk of being financially worse off in old age, at 62 percent, much higher than people who are just at the beginning of their professional life (18-30 year olds: 47 percent). A look at the occupational groups shows: The civil servants estimate their chances of being able to maintain their standard of living in old age at 61 percent, the self-employed right behind with 53 percent.

 

"There are still too few people making provisions for their old age - that is an alarming result. Particularly in times of zero interest rates, volatile stock markets and increasing life expectancy, private old-age provision through life or pension insurance is an indispensable component alongside the statutory pension," comments Michael Fauser, CEO of Ergo Vorsorge Lebensversicherung AG presented the results of the new risk report.