The Future of Retirement in Germany

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The number of people aged 60 years
and over is increasing. ;According to the UN, by ;2050 it is projected
to reach almost two billion, or 22% of the world’s population. Increasing
longevity is changing the way we live and work. HSBC is dedicated to advancing
the global debate on maturing populations and our changing approach to ageing
and retirement. By building a vast resource of knowledge to engage and inform
a range of people worldwide, we aim to help governments, individuals and businesses
better understand the significant changes they are going to experience.

The Future of Retirement: What the
world wants
study is the world’s largest
survey on attitudes to ageing, longevity and retirement conducted amongst
21,329 individuals and 6,018 private sector employers in 20 countries and
territories across five continents. The results compare the attitudes of employers
and consumers regarding ageing and retirement.

Germans view later life as a time of satisfaction, purpose, and continued
health and vigor. Most view their elders in a positive light. Seeking mental
stimulation and social connections from work, they are avid and methodical
savers and planners, and would agree that they are responsible for their own
retirement costs. In fact, Germans are the most prepared when it comes to
retirement. The vast majority of Germans support enforced additional private
savings as the best approach to avoid a retirement funding shortfall.

  • Germans,
    are among the most likely to say that the government should enforce more
    private savings.
  • Germans
    prioritise health as a source of happiness in later life, and, perhaps because
    this is forefront in their minds, few expect to be unhealthy in their retirement.

According to German employers, employees are expected to retire slightly
later than in most countries and companies do encourage their staff to continue
working. German employers do actively try to retain older skilled workers
and are good at offering flexible working options to older employees. But
they are also more likely than in many other countries to encourage full early
retirement. Moreover, companies in Germany are more likely than many to have
a mandatory retirement age. German employers are the most likely internationally
to say they don’t do more to attract older workers as they ‘don’t need to’.

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