2023-04-17 11:06:48
In times of high inflation with increased prices for food and energy, only four out of ten Germans can put money on the high edge. This is the result of a survey published on Monday by the opinion research institute Kantar for the Association of Private Building Societies among 2,000 people over the age of 14.
The number of people who say they can save for certain purposes has fallen from 42.5 to 40.4 percent – the second lowest figure since data collection began in 1997. “More and more people are running out of money to save”, explained Christian König, General Manager of the Association of Private Building Societies. “The cost of living eats up an ever-increasing part of income.”
In March, inflation in Germany fell to 7.4 percent, after 8.7 percent in January and February. But the burden on people remains enormous, as food is the number one price driver. They have increased in price by an average of 22.3 percent over the past year. This means that the price increase for food is three times higher than the average for all goods and services.
According to the survey, the biggest loser is the “old-age provision” saving motive, which only 51 percent of those surveyed named – after 56 percent in the autumn survey. The biggest winner is therefore the saving motive “consumption” – understood as saving for larger purchases. Around 47 percent of those surveyed named it, which corresponds to an increase of five percentage points. The saving motive “home ownership” comes to 36 percent, after 37 percent. The “capital investment” motif went up one percentage point (30 percent). Seven (in the fall: nine) percent named “nest egg” and four percent instead of two percent “education of the children”.
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