More and more Germans are worried about not being able to make ends meet when they retire, a new study has shown. Rising energy costs and low interest rates are also feeding fears of financial insecurity.

More than half of all Germans are afraid of being financially insecure in old age, German newspaper Die Welt has reported, citing a study from the Ernst & Young (EY) consulting company on consumer trust for 2019.

With a rapidly aging population, Germany's pension system is under stress, and rising living costs, low interest rates, and the growth of the temporary and low-wage employment mean that many people face challenges to achieving financial security for their retirement.

"Many Germans no longer think that their pension is secure," said Bernhard Lorentz, one of the study's authors and the head of EY's Government & Public Sector. "Politicians must take these worries seriously."
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