Infratest dimap, Berlin, carried out a study for the Allianz Group entitled "Aims of Life – People in Germany", asking 3,000 people about their desires, goals and plans in life.
After years of economic stagnation with a high level of unemployment and political wrangling about overdue repairs to social security systems, security and self-determination have acquired enormous significance.
The willingness to assume personal responsibility is growing. However, only a few people recognize the extent and timeframe necessary for their planning to structure their lives independently and with the appropriate level of security.
New Study on "Aims of Life – People in Germany"
An Allianz Group study on life goals and plans in Germany shows that security and self-determination are among the most important aims. However, many people in Germany don't know how to achieve their goals.
Whilst the assessment of the personal situation has remained stable, the assessment of the general economic situation has deteriorated
Easier to name goals than ways to achieve them
Self-determination is the most important goal for 90 percent of the respondents. Security is a key aspect of life planning for 81 percent, but only 59 percent believe that their life planning is secure.
Against the background of current political and social changes, the Allianz Group launched a survey investigating how people imagine their future. The survey looked at what people think is important for their life and what factors exert an influence on individual life plans.
An important result of the survey revealed that people are well aware of how they want to structure their lives, but they frequently don’t know how they can achieve their personal goals.
Against the background of current political and social changes, the Allianz Group launched a survey investigating how people imagine their future. The survey looked at what people think is important for their life and what factors exert an influence on individual life plans.
An important result of the survey revealed that people are well aware of how they want to structure their lives, but they frequently don’t know how they can achieve their personal goals.
Few make long-term plan
People have to make adjustments to take account of additional burdens and the vast majority are aware of this: 86 percent have recognized that they need to plan their finances over the long term.
However, in the wake of restructuring social security systems, the message that this will very substantially increase the requirements for long-term private provision has not really got through yet. The survey revealed that only 30 percent of people plan their finances with a perspective of more than ten years. 37 percent make their plans with a horizon of up to ten years while the remaining 33 percent have a perspective that only extends three years into the future. The purchase of a home constitutes an important element in security for retirement but this is only a realistic planning goal for 38 percent of the population.
The truth is that for some people the subject of money remains a realm of illusions. Although 21 percent of the population fail to make any savings at all – either because they can’t or because they don’t want to – 91 percent of people declare that they have their finances absolutely under control.
However, in the wake of restructuring social security systems, the message that this will very substantially increase the requirements for long-term private provision has not really got through yet. The survey revealed that only 30 percent of people plan their finances with a perspective of more than ten years. 37 percent make their plans with a horizon of up to ten years while the remaining 33 percent have a perspective that only extends three years into the future. The purchase of a home constitutes an important element in security for retirement but this is only a realistic planning goal for 38 percent of the population.
The truth is that for some people the subject of money remains a realm of illusions. Although 21 percent of the population fail to make any savings at all – either because they can’t or because they don’t want to – 91 percent of people declare that they have their finances absolutely under control.
Only 30 percent plan their finances more than ten years ahead
Return to family happiness?
The attitude of Germany’s citizens to their private life is surprisingly positive. 89 percent of respondents are happy in their family life, 79 percent are satisfied with their partner and 81 percent are satisfied with their friendships. In view of the continuing high level of divorce rates this result might come as rather a surprise.
The results of the survey for job and career stand in marked contrast to this happy picture. Only every second person has a positive attitude to their working life. The low level of importance attributed to possessions and wealth is equally astounding. Germans from every age group and all walks of life are united on this issue. The statistics obtained in the survey vary only slightly above or below the 50 percent mark.
The study shows the extent to which Germans rely on their close circle of friends and relations before they expect anything from the state or social security systems, or indeed from the government or the private sector. Nearly 40 percent of respondents state that they discuss financial affairs with their partner, every fifth person talks financial issues through primarily with their parents, while 19 percent prefer to keep their own council.
The results of the survey for job and career stand in marked contrast to this happy picture. Only every second person has a positive attitude to their working life. The low level of importance attributed to possessions and wealth is equally astounding. Germans from every age group and all walks of life are united on this issue. The statistics obtained in the survey vary only slightly above or below the 50 percent mark.
The study shows the extent to which Germans rely on their close circle of friends and relations before they expect anything from the state or social security systems, or indeed from the government or the private sector. Nearly 40 percent of respondents state that they discuss financial affairs with their partner, every fifth person talks financial issues through primarily with their parents, while 19 percent prefer to keep their own council.
Aspirations and taboos – what is really important
Is it really true that the economic situation, bad experiences in capital markets and fear of unemployment have pushed people into what they perceive to be a cozily idyllic private world? Other results from the study tend to contradict this hypothesis: "Precise analysis reveals that people are either not aware of the significance of some areas of life or that these areas are taboo," explains Reinhard Schlinkert, Managing Director of Infratest dimap, one of Germany’s leading companies for political and election research.
A special statistical procedure was used to find out the extent to which these areas of life really are important, comparing the stated importance to overall satisfaction.
The picture changes radically when regarded from this perspective. Job and financial situation actually exert a very large influence on satisfaction with life. They form part of the "subliminal aspirations" in life. Although people very often fail to acknowledge their importance to themselves, these areas harbor a substantial potential for dissatisfaction if they remain unfulfilled.
A special statistical procedure was used to find out the extent to which these areas of life really are important, comparing the stated importance to overall satisfaction.
The picture changes radically when regarded from this perspective. Job and financial situation actually exert a very large influence on satisfaction with life. They form part of the "subliminal aspirations" in life. Although people very often fail to acknowledge their importance to themselves, these areas harbor a substantial potential for dissatisfaction if they remain unfulfilled.
The need for private provision is also increasing as far as education is concerned
Education is also an area of life where the future will see new demands, including financial ones. Gone are the times when people learned everything they needed for life when they were young and at school.
At the same time, companies are no longer so willing to finance career training. In the mid-1980s, two thirds of all companies were spending money on further training, now only just over half are doing so.
Another factor is that by contrast with many other countries, Germany has an ongoing policy of curtailing funds for education and training. In the period between 1995 and 2000 alone, the proportion of gross domestic product spent on education and training fell from 5.8 to 5.3 percent.
"Demographic development in the future will entail unemployment becoming almost exclusively a qualification problem," commented Michael Heise, chief economist at the Allianz Group. "This means that people will have to invest their own money in further training throughout their lives."
Many people continue to remain unaware that withdrawal by the state from these areas makes it essential for people to take their own initiative. Average German households only spent 216 euros on education and training last year.
At the same time, companies are no longer so willing to finance career training. In the mid-1980s, two thirds of all companies were spending money on further training, now only just over half are doing so.
Another factor is that by contrast with many other countries, Germany has an ongoing policy of curtailing funds for education and training. In the period between 1995 and 2000 alone, the proportion of gross domestic product spent on education and training fell from 5.8 to 5.3 percent.
"Demographic development in the future will entail unemployment becoming almost exclusively a qualification problem," commented Michael Heise, chief economist at the Allianz Group. "This means that people will have to invest their own money in further training throughout their lives."
Many people continue to remain unaware that withdrawal by the state from these areas makes it essential for people to take their own initiative. Average German households only spent 216 euros on education and training last year.
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