According to their own assessment, the high inflation is forcing many people in Germany to do without. In a survey, 71 percent of those surveyed said they had to go without on a smaller or larger scale because of the high prices, according to the wealth barometer published on Tuesday by the German Savings Banks and Giro Association (DSGV). That is 6 percentage points more than in 2022.
One in five people currently feel unable to save money. Since 2021, the proportion of non-savers has increased from 15 to 20 percent. The survey shows that people in Germany are feeling the global political climate, said DSGV President Helmut Schleweis in Berlin. “Many people simply need more money at the moment to cover their everyday lives.”
Consumers are also putting on the brakes when it comes to consumption. According to the survey, savings are made on daily shopping, going to a restaurant or on vacation. 61 percent said they had restricted their consumption in the past twelve months. This is the highest value since the time series began in 2005.
More than a quarter (26 percent) of those surveyed rated their own financial situation as “rather bad” or “very bad”. A year earlier it was 22 percent. “The ongoing crises are putting a strain on people’s financial mood,” said Schleweis. However, optimism is growing. 33 percent of those surveyed share the hope that the financial situation will improve in the next two years. Mathematically, the group of optimists once again predominates. In the summer, the Kantar survey institute surveyed more than 4,800 people aged 14 and over in Germany on behalf of the DSGV. (dpa)