Corona has changed Germans’ saving behavior, a study shows

The corona crisis has changed Germans' saving and pension behavior.

The corona crisis has changed Germans’ saving and pension behavior.


The coronavirus pandemic has caused problems for many working people. While some were sent on short-time work, others lost their jobs altogether.

These developments also have an impact on Germans’ spending and pension policies, as a recent survey by Fidelity International shows among 1,000 professionals. Accordingly, almost half of Germans have changed their handling of finances due to the crisis.

There are clear gender differences in saving and pension behavior

The survey, conducted by the Kantar Emnid polling institute, came to the conclusion that there is a clear difference in the current saving behavior between women and men. While 40 percent of women put their brakes on financially due to the corona crisis, only 25 percent of men do so.

And when looking at old-age provision, too, there are clear gender differences: significantly more women (14 percent) than men (four percent) stated that they wanted to reduce or suspend their old-age provision. This result worries the study.

The gender pension gap, i.e. the gap between the relative pension income of women and men, is particularly high in Germany. According to the information service of the Institute of German Business, the retirement income of female pensioners is on average 46 percent lower than that of male pensioners.

Expert warns: “Women in particular should not rely solely on the state”

The Fidelity International study also shows that many women (34 percent) want the state to pay more attention to retirement provision. According to the survey, there is also a great desire for information about retirement provision. Claudia Barghoorn, Head of Retail Banking and Digital Wealth Management at Fidelity International, however warns: “Women in particular should not rely solely on the state when it comes to retirement provision – neither with statutory pensions nor with information.”

She is calling on women to take their pension plans into their own hands right now. ā€œWebinars, video conferences, live chats – there are so many ways to acquire the necessary knowledge. The current situation is a wake-up call to everyone who has delayed planning their retirement for far too long. Long-term investment in the capital market is the imperative of retirement provision. “

It is still unclear whether the changed saving and pension behavior will continue in the long term. However, only three percent of those surveyed stated that they want to save less permanently or make less provision for old age.


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