Europe’s Pension Problem Is Getting Harder To Ignore

France, Italy, and Germany face significant pension funding gaps, with pension assets below 20% of GDP and Germany at just 7%. That stands in stark contrast to Canada, Switzerland, Sweden, and Australia, where pension assets exceed 100% of GDP, approaching 200% in Canada. With Europe facing an aging population and growing retirement obligations, pension reform is becoming increasingly difficult to ignore and a growing source of economic and political pressure.

Source: Pensions at a Glance (2025), Apollo

This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice.