On the Way to a New Retirement Savings Culture?

In light of demographic change and an aging society, Germany’s pay‑as‑you‑go pension system is under growing pressure. To strengthen private retirement saving, the federal government is planning a reform of the state‑subsidized private pension scheme (previously known as the “Riester pension”). A draft bill was introduced and debated in the Bundestag in a first reading at the end of February. It was then amended during the parliamentary process, with a final decision planned for the end of March 2026.

For this study, the Nuremberg Institute for Market Decisions (NIM) surveyed a representative sample of adults in Germany on how they view the reform and how the new subsidy could affect their retirement saving decisions. The survey is based on the key elements of the bill as presented for the first reading. While some details have changed since then, the core principles remain the same—so the results are still informative.

Currently, 60% of people in Germany save privately for retirement. The most common options are stocks, ETFs, or fund savings plans (25%). This is followed by savings, overnight and/or fixed‑term deposits (24%), and occupational pensions (20%). Almost half of respondents invest in a more security‑focused way, while around a third pursue more return‑focused strategies. About 20% report having no private retirement savings despite still being employed.

Men save privately for retirement slightly more often than women, and the gap is particularly large for capital market investing. Older people save more often than younger people. About one in three respondents under age 30 reports that they do not save privately for retirement at all. At the same time, respondents   under 30 are comparatively active in capital markets. Income differences are substantial: People with higher incomes save far more often than those with lower incomes, and about one in three low‑income respondents reports no private retirement saving.

About two in three respondents say a reform of the Riester pension is necessary. Just over half consider the planned reform (as proposed in the February 11, 2026, draft) sensible. Already today, one in four says they plan to take out such a product or transfer existing contracts. Intent is especially high among higher‑income respondents and those with prior retirement saving experience.

Regardless of whether they intend to take out a state‑subsidized retirement plan, respondents most often choose a balanced model that combines security and return (34%). Only about one in ten would choose the highest‑return model. That share is higher among younger adults (21%). Low‑income respondents are more likely to say they would choose no state‑subsidized product (21%) or don’t know (22%).

The most common concern is that low‑income earners simply do not have enough financial room to save privately for retirement. This is shared by about one in two respondents. 38% believe the reform would mainly benefit higher‑income earners, and 33% think providers would be the primary winners. Concerns about limited flexibility (14%) or the funding level (22%) are less widespread.

About one in five respondents believes the statutory pension alone will be enough to live comfortably in retirement. This belief is relatively widespread among young adults (31%) and among higher earners (26%). People who already save privately also agree with this statement surprisingly often. Those who do not save privately are the least likely to believe the statutory pension alone will be sufficient.

The study and questionnaire were designed by NIM. Data were collected using the NIQ eBUS®. A total of 1,026 individuals aged 18 to 74 were surveyed between March 12 and March 16. The sample is representative of the German population.