Many already know today that the pension will not be enough later. Then why is it so difficult to put something aside? How to overcome the blockage and successfully take precautions – three case studies.
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Andreas Jalsovec
When it comes to old-age provision, Martin Weber thinks of a proverb. It is one of those that you occasionally get to hear from your own grandmother, says the Mannheim finance professor: “It reads: danger recognized, danger averted”. In other words, becoming aware of a problem is the first step towards solving it. In the case of old-age provision, however, this is apparently not that easy. Many people realize that the statutory pension will hardly be enough to maintain their standard of living in old age. Still, they struggle to set aside an extra amount for retirement month after month. This is especially true for younger people: Four out of five 18 to 32 year olds find private pension provision important – but almost half of them do nothing about it, shows a study by the Nuremberg Society for Consumer Research.