Are Germans really so fond of saving money?
- Lana Delic
- Feb 11, 2024
- 2 min read
A new sauna in the bathroom, a home gym or to renovate something around the house. Since the pandemic, many people's wishes have come true. Because a lot of work is done remotely and we are at home more than usual, so why not have a good time. So, it's time for a little luxury in your own home!
But it's not that simple, everyone who wants a sauna often has to wait for months, because many others had the idea. The situation is similar with fitness equipment.

First: Not every German has financial problems during the crisis. And even before the pandemic and strong inflation, many people had to calculate very precisely in their daily lives, even though the German economy was very good - and the unemployment rate was low. In 2017, about 27 percent of Germans said they had no reservations. This is the result of a research. In December 2019, it was 31 percent, in May 2020 it was still 29 percent. What happened to the legendary world champion in savings, Germany?
One thing is clear: if you need your entire salary for daily living, you can't invest more money in stock funds. And this has been the case for many people for a long time. The study clearly shows: Germany currently has one of the highest percentages of citizens without savings in Western Europe.

About 70 percent of citizens have this privilege. But how much money do they have in reserve? Because of course there is a difference whether you have only a few euros or 10,000 euros in savings. Here, almost 50 percent of Germans say they have reserves greater than three months' salary (net).
Some people could not or did not want to answer this question. If you take them out, it's about 59 percent. It is a middle-of-the-road place in Europe - still very far from the record. There is another problem: most Germans save very conservatively. So most of the reserves still end up in a private bank account. Because not only is it known to everyone, but it is also certain: a crash on the stock market does not harm the money there. But, unfortunately, there is hardly any interest. Sometimes bank clients even have to pay something for it: negative interest.
A current study by Phillips University in Marburg for Union Investment shows: In 2019, every citizen with reserves in a current account and time and savings deposits lost an average of 380 euros. Due to inflation, this amount is currently increasing, experts say. Because the money for the last vacation is now in the current account - not in the share fund. This is how people in the country save the poor.

But Germans have discipline when it comes to spending money. Only a few people sometimes lack money at the end of the month, ING-Dib research shows. And they rarely borrow money from others. Unlike, for example, in the USA, loans are not very popular in everyday life. The motto for most people: spend only the money you have. If it's there, it might as well be a sauna.
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