Only 34 percent of Germans would currently describe their financial situation as “very good” or “good”. That is almost 10 percent less than a year ago. This is shown by the new wealth barometer 2022 of the German Savings Banks and Giro Association (DSGV). Confidence in an economically secure future also seems to have been badly damaged. In view of the current recession fears in the country, 37 percent of Germans expect that their own financial situation will deteriorate in the coming years. The outlook hasn’t been this bad since 2008, when the financial crisis hit.
The lack of trust among Germans is also reflected in the values that indicate what people are worried about. 76 percent of respondents are “worried” by rising costs in many areas of life due to inflation – number 1 in the list of concerns. Close behind is the concern about a lack of raw materials and rising costs in the energy sector.
The result: the vast majority of Germans save in the energy sector: 85 percent have reduced their consumption, one in three even “significantly”. This is shown by the second wave of the survey, which once again shows significantly increased values compared to the main survey of the first wave of the survey.
“Around 90 percent of those surveyed are concerned about inflation,” said DSGV President Helmut Schleweis. He goes on to say: “Around two-thirds of those surveyed do not spend what they used to in the past in their everyday lives. More than half want to limit themselves further.” Households with low incomes of less than 1,000 euros are particularly affected: Here, 83 percent already have to do without everyday things. But higher earners are also worried: “The pressure is also affecting the middle class, which has made ends meet comparatively well and was not dependent on state transfer payments,” says Schleweis – because 58 percent of households with an income of over 2,500 Euros were already dispensed with in everyday life.
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The shopping basket is emptier and will not be fuller in the foreseeable future: 64 percent of those surveyed have reduced their consumption in the last twelve months – the worst value since the wealth barometer was published. Compared to the previous year, this is an increase of more than 15 percent.
The willingness to consume has reached its worst value in 16 years – and it is not getting any better in the foreseeable future: 54 percent of Germans want to limit themselves in the future beyond the measures taken so far.
Striking: Despite the many worries and financial hardships, the holidays of the Germans are still very important. Only 38 percent say: “I travel less”. The highest “waiver of consumption” in the first wave of the survey was still when shopping. 61 percent choose a cheaper product alternative. Every second German citizen saves on energy costs (49 percent). However, this value increased massively in the second survey wave and took over the peak value. 68 percent of those surveyed now want to heat less or switch off the light more often.
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