Urchina
Full time employment: Posting here.
I was listening to Democracy Now on NPR a week or so ago and Amy Goodman was interviewing the publisher of der Spiegel, a German weekly. In the course of the interview he mentioned that the equity market meltdown hasn't affected most Germans because they don't own equities -- he said fewer than 10% of Germans own stocks.
So I wondered -- how do Germans save for retirement?
Google turned up this article, which says that on average Germans save 11% of their pay in savings accounts (in, basically, local credit unions) and that about 5.4% of them own stocks. They also tend to hate debt.
I'm assuming that the erosive power of inflation applies in Germany same as here, and it's about 3% there this year. How do they save enough for retirement? We're not hearing about lots of German retirees going without, and while I'll give some of that up to the fact that there's some healthcare subsidy and pensions -- does that account for all of it?
I'm curious, basically, about how non-US folks save for retirement. We're so focused on owning stocks / bonds, and I'm wondering what other systems are out there and effective. Anybody have more information?
So I wondered -- how do Germans save for retirement?
Google turned up this article, which says that on average Germans save 11% of their pay in savings accounts (in, basically, local credit unions) and that about 5.4% of them own stocks. They also tend to hate debt.
I'm assuming that the erosive power of inflation applies in Germany same as here, and it's about 3% there this year. How do they save enough for retirement? We're not hearing about lots of German retirees going without, and while I'll give some of that up to the fact that there's some healthcare subsidy and pensions -- does that account for all of it?
I'm curious, basically, about how non-US folks save for retirement. We're so focused on owning stocks / bonds, and I'm wondering what other systems are out there and effective. Anybody have more information?