October 30, 2023 is World Savings Day (symbolic image) Photo: picture alliance/dpa | Hendrik Schmidt
By Pia Fredebeul
Life in Germany is becoming more and more expensive. The capital is not spared from this either. A survey by Berliner Sparkasse on World Savings Day shows how Berliners keep their money together – or not.
The hammer: The economic situation has worsened this year for 44 percent of the capital’s residents. Compared to 2021, this is an increase of 15 percent. According to the survey, inflation, war and the economic crisis in particular contributed to this.
Anton K. (26), student from Zehlendorf: “For my 18th birthday I received a depot as a gift from my parents, but I won’t touch it. I save 50 euros a month. But when I really start making money, I’ll put more aside. But I don’t worry about it too much because I’m very well protected by my family.” Photo: Olaf Selchow
Concern about money makes many Berliners pay particular attention to it. Saving is the order of the day. Almost half of those surveyed (45 percent) would like to spend less money. 23 percent actually want to save less money, 14 percent want to use their cash reserves. This is of course also a consequence of higher spending on energy and food, for example.
Monika M. (66), pensioner from Marzahn: “I have only recently become a pensioner; I previously received a disability pension. I put 50 euros into my savings account every month. Of course I saved a small emergency fund, but saving isn’t really possible. I actually save the most money for my children and grandchildren.” Photo: Olaf Selchow
Despite rising prices, three quarters of those surveyed continue to save money. But: 25 percent don’t put any money aside at all.
Anna K. (54), self-employed daycare consultant from Mitte: “I actually don’t actively save any money. I just don’t use it all. Of course I have an emergency fund, I’ve had it in an account for a long time and it can’t be touched. “But I also pay a lot of attention to consumption – we only wear second hand, do a lot ourselves and recycle.” Photo: Olaf Selchow
In the capital, savings are mainly made for unplanned purchases – that’s what 59 percent of those surveyed say. But protection in emergencies (48 percent) and retirement provision (46 percent) are also important reasons to save.
On behalf of Berliner Sparkasse, the survey institute info GmbH surveyed 1,000 Berliners in February.