Only every second person can currently put money aside. The decline is particularly evident among those with low incomes, while the highest-income fifth can still save 85 percent of their money. The sharp rise in gas and electricity prices is the main reason for the decline.
According to a survey, high inflation is slowing down many savers in Germany. According to the Institute of German Economics (IW), only every second person (50 percent) currently sees himself in a position to regularly put money aside. In the Corona crisis year 2020 it was still 70 percent. The decline is particularly evident among those who have less than 1,500 euros available per month, as can be seen from the evaluation published on Monday. According to this, in 2020 one in three (35 percent) was still able to cover something, recently it was only one in five (20 percent).
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The sharply rising prices for gas and electricity are particularly noticeable. Accordingly, 67 percent of those surveyed reported heavy financial burdens from expensive energy. High energy and food prices have been driving inflation in Germany for months. In September, the annual inflation rate reached 10.0 percent, its highest level for about 70 years.
According to the information, the deterioration in the ability to save extends to the middle class. According to this, around 52 percent of those surveyed with a needs-based income of between 2,000 and 2,500 euros can currently save, compared to 80 percent two years ago. The needs-based income takes into account the different financial needs of single people and families, for example.
In the fifth of the population with the highest income from 3000 euros per month, the restrictions are comparatively limited. Currently, 85 percent of them are still putting money aside. In 2020 it was 93 percent.
The German Economic Institute (IW), together with the market and social research institute SINUS, surveyed 2,010 people between the ages of 18 and 75 online between September 1 and 14, 2022.