Financial security in retirement is one of the most urgent issues in Germany and Europe.

In order to offer people a simple access to savings for retirement, the Berlin-based Fintech Vantik announces a partnership with Mastercard and the banking-as-a-service-platform Vodeno. The heart of the cooperation is the combination of a free debit Mastercard with long-term savings: users of the Vantikcard receive 1% cashback on every purchase, which are automatically invested into a sustainable pension fund. Saving for retirement is thus being integrated into everyday life, avoiding the bureaucracy and complexity inherent in other pension schemes. The Vantikcard will be available as of April.

Financial security in retirement is one of the biggest issues for society

More and more people are aware that statutory pension will not meet financial needs in old age at all – and thus more private efforts need to be taken: 26.4 million Germans above 14 years old believe that their private efforts to save for retirement will not be sufficient, a study from Allensbacher Markt- und Werbeträgeranalyse (AWA) in 2020 revealed. These are nearly 2 million more than 4 years ago. At the same time the number of people being threatened by old age poverty in Germany has risen significantly within the last years – up to 3.1 million above 65 years old, as published by Eurostat. This trend emerges also in other countries.

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