No more saving: more than half of Germans can no longer afford it
The rising prices are becoming a financial challenge for more and more people in Germany. Whether the heating can continue to run in the coming months as you were used to in autumn and winter, or whether the bill for the weekly shopping climbs to unprecedented heights – life in Germany is becoming more expensive by leaps and bounds.
Savings Bank President Helmut Schleweis has quantified how many consumers in Germany could be significantly restricted by price developments in everyday life: “We expect that because of the significant price increase Perspectively, up to 60 percent of German households will have to use their entire disposable income – or more – monthly for basic living expenses(Source: World).
Significantly more than half of Germans (24 million households) are accordingly soon not have a penny left to put on the high edge. According to Schleweis, part of the population is “no longer able to save”. He does not name a point in time when that could happen.
The Volksbanks and Raiffeisenbanks also see the problem: “High inflation takes away purchasing power from consumers, which reduces their ability to save,” said Andreas Martin, CEO of the Federal Association of German Volksbanken and Raiffeisenbanken (BVR), compared to Welt.
The savings function of Google Maps is now also available for Germany:
The Sparkasse expects the already difficult situation to worsen in the coming months. Plated Dispo loans on the Sparkasse accounts will go deeper into the red, one is sure. This trend began in March with the war in Ukraine.
German consumers have to attack savings
Schleweis’ statement harbors another problem: according to him, the 60 percent not only have to use the entire available income to meet everyday needs, but it is also possible to do more. In other words, these 60 percent may soon no longer have too little money left over to be able to save a little more. you would have to use what you have saved to cope with everyday life.