14.10.2021 – 07:35
Frankfurt am Main (ots)
The ongoing corona pandemic has strongly shaped the behavior of Germans in many areas. Not only frequent hand washing or a stronger orientation towards digital solutions, but also frugality has found its way into German households. This is also shown by a new population-representative study by the digital insurance manager CLARK in cooperation with the opinion research institute YouGov. According to this, 23 percent of the participants have paid more attention to prices since the beginning of the pandemic and 12 percent save more on savings accounts, in shares or the like than before . But the new thrift of Germans does not yet seem to have spread to old-age provision: in the context of the CLARK study, one third stated that they did not yet use any pension insurance products such as endowment insurance, Riester pension or company pension insurance.
Corona is economical
Due to Corona, saving seems to be all the rage. Among other things, 23 percent of saving German citizens pay even more attention to prices and special offers. And the trend is increasing, because in June this number was 6 percentage points lower . 17 percent of the CLARK study participants also state that they have consciously reduced their expenses since the beginning of the pandemic. In addition, due to Corona, 12 percent save more money on savings accounts, stocks and other similar forms of investment or securities.
The overnight money account in particular is very popular with Germans for saving. In the past three months alone, its use has increased by 5 percentage points to 29 percent, according to the CLARK study. But in fact the overnight money account tends to generate less interest: the average interest rate for such an account is well below one percent in Germany . Accordingly, with an interest rate of 0.15 percent and a savings amount of 10,000 euros over an investment period of one year, a saver would receive just 15 euros in return. Even more frightening: Almost a quarter of Germans (24 percent) rely on the money box when saving – the most inefficient saving method of all. Taken together, that results in over half of Germans who save more or less without return.
On the other hand, there are also 20 percent of Germans who invest in a savings plan with funds or shares in order to save their money. ETF savings plans are also increasingly being used: 13 percent of the CLARK study participants stated this. “Compared to the good old piggy bank, funds, ETFs and stocks offer the opportunity to generate a good annual return, for example to provide for old age”, says COO and co-founder of CLARK, Dr. Marco Adelt. The younger age groups know that above all. When asked how they would most likely close a possible pension gap, participants aged 35 to 44 were 25 percent in favor of ETFs and 24 percent in favor of stocks and funds. Especially the very young savers: 29 percent for ETFs and 30 percent for stocks and funds between the ages of 18 and 24. In this age group, ETFs, stocks and funds for closing possible pension gaps are even significantly more successful than real estate (20 percent).
Retirement provision in times of Corona
Especially during Corona and in times of short-time work, many think about security in old age. 33 percent of the CLARK study participants state that they have not yet had any pension insurance product . “These figures are worrying, because for many people the statutory pension alone is not enough to maintain their accustomed standard of living in old age. That is why it pays off early on to take measures like one pension insurance, the Riester pension or others private Altersvorsorgeprodukte thinking about effectively closing a potential pension gap. It is important that various old-age provision products are used in order to spread the risk, “concluded Adelt.
 Note on the study: The data used are based on an online survey by YouGov Deutschland GmbH, in which 1,025 people took part between September 20 and 24, 2021. The results were weighted and are representative of the German population aged 18 and over.
 Note on the study: The data used are based on an online survey by YouGov Deutschland GmbH, in which 1018 people took part between June 14th and 17th, 2021. The results were weighted and are representative of the German population aged 18 and over.
CLARK Press contact:
Original content by: CLARK, transmitted by news aktuell