Germany nd
Survey | Cost of living: Many people have to dip into their savings
Increased prices are forcing many people in Germany to dip into their everyday savings. But many have no financial buffer at all.
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Among other things, the high energy costs are putting a strain on households. Photo: Robert Michael/dpa Frankfurt am Main. Many people in Germany have to resort to their savings due to increased prices for everyday necessities. 42.6 percent of 2,117 respondents said in a Yougov survey for Postbank that they used reserves to be able to pay their living expenses. 13.8 percent say they have no savings at all.
High energy prices have been a burden for consumers for months. Households with low net incomes in particular are in trouble, as can be seen from the data collected from October 2nd to 5th: just a fifth (21.4 percent) of households with a maximum monthly income of 2,500 euros can cover their running costs with this, according to their own information.
Overall, an increasing number of people, now 15.2 percent, say that they can barely pay their living costs because of the increased prices. In the comparison survey in March, this value was 12.8 percent.
“Although real wages have recently risen again and the purchasing power of employees has recovered on average, that does not mean that the financial situation has eased equally for all households,” explains Ulrich Stephan, chief investment strategist for private and corporate customers at Deutsche Bank, to which Postbank belongs. "People have not given up saving - but for many it is becoming more difficult to build up substantial reserves."
Just over two thirds of those surveyed (66.8 percent) have the feeling that they do not create enough reserves. 28 percent consider their savings to be sufficient to be prepared for unforeseeable expenses. Those who can save do so primarily for retirement or want to create a financial cushion for times of crisis. dpa/nd
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