These are the concerns of the 50+ generation

According to a study, the current financial situation is worse than expected for almost half of those 50 to 65 years of age. It is not just the cost of possible care that frightens them.

Almost every third person between 50 and 65 chooses the “ostrich” strategy: simply ignore fears about age and the risks.

IOnce you are 50 years of age, retirement age is rapidly approaching. Not only the official interim reports from the pension insurance frighten many people. It is often only then that they become aware that they have largely neglected to provide for their old age themselves and thus to supplement the statutory pension. There are simply no longer many options.

And the balance sheet is often sobering. A representative survey by Postbank for German citizens aged 50 and over, which is available exclusively to the FAZ, shows that for almost every second respondent between the ages of 50 and 65, the current financial situation is worse than expected. In the age group up to 79 years, a good third share this opinion. In contrast, only 14 percent of the older respondents share this view. According to the survey, young retirees assess their situation to be significantly worse than older ones.

The main concern for many is the need for care in old age. On average, around 28 percent of Germans over 50 fear that they will not be able to pay for care in old age on their own. 15 percent fear illness and 9 percent fear a statutory pension that is too low. According to Postbank, there is hardly a respondent who worries about insufficient private provision. Around 29 percent of those questioned nevertheless pursue a certain “ostrich” strategy. You just hide the fears about age and the risks as long as you can, or you don’t worry at all.

Savings as an emergency reserve

According to the Postbank survey, accepting financial help from relatives if one’s own income is not sufficient is taboo for an average of 61 percent of Germans aged at least 50 years. This is what more East Germans say than West Germans. And 86 percent of those surveyed assume that they will not need any cash benefits from their families. About 6 percent of the survey participants actually receive financial support from their relatives.

According to the survey, 62 percent of retirees have savings. The proportion of West Germans who have money on the high edge is higher than that of East Germans – 63 percent compare with 57 percent. In addition, on average more men (65 percent) than women (59 percent) have built up reserves. The higher the educational qualification, the more likely the respondents have saved, but the more they are likely to have earned in most cases. Every third person keeps the money mainly as a reserve for emergencies. 12 percent mainly want to indulge in some of it. And 10 percent need it to make a living. Between the ages of 50 and 65, 18 percent say the latter. And on average, almost every second German pensioner at least touches their savings for everyday expenses.

There are also gender-specific differences here: more women than men use the savings primarily as an emergency reserve. The latter, on the other hand, treat themselves to something more often.