Inflation in Germany is currently around 7.5 percent. That and the price increases in many areas are prompting many people to save money. A current study now shows: In Germany, it is Generation Z in particular that is on the austerity course.

In Germany, younger people travel more than older consumers. And that’s not all: Even in an international comparison, it is the German Generation Z that is becoming a bargain hunter. This is the result of Klarna’s money management report.

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The post-millennials, today between 18 and 24 years old, have the highest proportion of savers in Germany at 91 percent. According to the report, a 10 percent increase over the previous year. By comparison, only 75 percent of baby boomers said they save and use a savings account and/or invest their money in financial products.

The fact that younger Germans in particular are saving a lot these days is also reflected in an international comparison. In the evaluation, Germany ranks ahead of countries such as Sweden and Norway (both 88 percent). And the 18 to 24 year olds also surpass the international average of 82 percent with 91 percent.

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However, others have the thickest wallets. The study shows that the amount of cash in wallets varies from country to country:

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In Germany, however, cash remains the preferred means of payment. 43 percent stated that they preferred “cash” as a means of payment. 51 percent of Generation X and 50 percent of Baby Boomers make the difference here.

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In the Netherlands, for example, only 26 percent said they still pay with cash. And in Northern Europe, cash hardly plays a role anymore: only 16 percent in Denmark, only 15 percent in Sweden and only 13 percent in Norway prefer cash as a means of payment.

According to the study, more and more young Germans are discovering how to save and invest in difficult times. Only 9 percent of 18-24 year olds and 14 percent of 25-40 year olds said they would not save or invest any money.

It’s also Gen Z who are particularly keen on managing and controlling their savings. Accordingly, younger people do this eight times a month on average, Generation X five times a month and baby boomers three times.

But what are German youth saving for? At least not preferred for unforeseeable events. The report shows that German baby boomers are twice as likely to put money aside as a buffer for unexpected expenses than Gen Z. Saving money for vacations is the top priority for most respondents.

While Generation X and the baby boomers focus on savings goals such as vacation, unexpected things and retirement, 26 percent of those surveyed in Generation Z stated that they put money aside for education or training – more than in any other age group.

A look at all countries reveals that the three most popular savings goals of Generation Z


The youngest respondents stated least often that they save money for events and experiences such as concerts or festivals or improvements in the home.

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What also stands out in the study: it is the younger people in particular who are investing their money. 26 percent of millennials in all countries considered and 24 percent of Generation Z said they invest money every month. At 52 percent, shares and ETFs at 51 percent are the most popular investment products among 18 to 24 year olds.

In order to arrive at the results, a total of 13 countries (USA, Great Britain, Ireland, Australia, Germany, Austria, the Netherlands, Belgium, France, Sweden, Norway, Finland and Denmark) were examined in the quarterly study carried out by the shopping and payment service provider Klarna . At least 1,000 people are interviewed in each country.