This is Deutsche Bank Pensions: are we saving enough – or just saving wrong?
Dec 3, 2025
In this insightful discussion, Christian Nolting, Global Chief Investment Officer, and Raffael Gasser, Head of Wealth Management Germany, dive into the uncertainty surrounding pensions in Europe. They reveal that 83% of Germans distrust their pension system and fear declining living standards in retirement. The duo explores why people struggle to save more and the necessity of financial education. They also discuss international pension models and the benefits of starting investments early, highlighting actionable reforms needed for a more secure future.
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Pension As A Broken Social Contract
- The original pension was a social contract where workers fund retirees' living standards.
- That contract now feels at risk due to demographic shifts and fiscal strain.
Demographics Undermine Pay-As-You-Go
- Pay-as-you-go systems struggle when fewer workers support more retirees.
- Funded systems benefit from capital-market returns that reduce demographic pressure.
High Anxiety, Low Private Savings
- 83% of Germans see the pension system as unreliable and many fear losing living standards.
- Despite awareness, a large portion saves little or nothing privately for retirement.