1. Financial Education in an Ageing Society
Thomas Retzmann

2. Challenges for Old Age Provision (not only) in Germany
average life expectancy is growing
birth rate is declining
 strain on the inter-generational contract
Old age provision in Germany is based on three main pillars:
(1) Statutory pension insurance
(2) Company pension schemes
(3) Private pension provision
Thomas Retzmann: Financial Education in an Ageing Society

3. Financial Education in an Ageing Society
Three areas of Competence …
… illustrated by the example of a young career entrant
(1) Decision Making an Planning … long-term planning horizon, magnitude, complexity
(2) Economic relationships and interactions … neutral advice, removing credulity, representing own interests
(3) Economic system and economic order … social market economy, intransparent markets, irrationalities, fairness between generations
+ (No) Fear of poverty in old age!
Thomas Retzmann: Financial Education in an Ageing Society

4. Thomas Retzmann: Financial Education in an Ageing Society
Empirical Findings 2010 – 2013 – 2016
2,500 people between the age of 17 and 27 were surveyed
How do you see your own personal future?
What ideas do you have regarding old age provision?
Which pension strategies are you pursuing? …
A majority of respondents is optimistic about their own personal future and takes a highly positive view of Germany’s future development.
Young people feel overwhelmed and mistrust bank employees.
35% make extra regular savings for their old age.
65% are in favour of an automatic enrolment in saving plans.
Preferences for less complexity, defaults, opt-out clauses and subsidies.
(Less) Fear of poverty in old age!
Thomas Retzmann: Financial Education in an Ageing Society

5. With competence and passion for economic and financial education.
RaSchOWL
Chair of Economics and Economic Education