Over half of self-employed individuals express doubt about their coverage for retirement benefits
The ifo Institute conducted a survey in June 2025, focusing on the retirement savings options used by solo freelancers and small business owners with fewer than 9 employees. The survey, which was part of the ifo business cycle surveys, included 900 participants from various industries, with a focus on the service sector.
According to the survey, over three-quarters (78%) of freelancers combine multiple retirement savings models. These models include capital-based investments like investment funds, securities, or real estate, and insurance-based products like private pension or disability insurance.
The survey also revealed that nearly half of freelancers have claims on the statutory pension insurance due to previous compulsory insurance. However, nearly a third (32%) find their own retirement savings insufficient, while another 22% are unsure about their retirement savings.
ifo expert Katrin Demmelhuber emphasizes the importance of a targeted retirement savings strategy for freelancers. She notes that freelancers who combine several savings forms feel more financially secure. Freelancers who benefit from flexibility and state allowances where applicable, such as those with voluntary statutory pension insurance, private plans like fund-linked pensions, the Rürup pension, and the Riester pension, show a particularly high level of financial security in their retirement.
The surveyed freelancers and small business owners came from all sectors, with a focus on the service sector. The findings suggest that the majority of these entrepreneurs are taking active steps to secure their financial future in retirement.
The survey concluded that 97% of surveyed freelancers have at least one retirement savings option. Moreover, 46% of solo freelancers and small business owners consider their savings adequate.
The ifo Institute conducted the survey on August 19, 2025, and the results provide valuable insights into the retirement savings habits of freelancers and small business owners in Germany. The findings underscore the need for targeted financial planning and the benefits of diversified retirement savings strategies.
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