Germans no longer have a chance to save money

Analysts from some banks in Germany, among other things Sparkasse, Volksbank and Raiffeisenbank, agree that citizens will be left with less money to save, because income will be needed to cope with daily living expenses.

According to experts from the Savings Bank Group Sparkasse, most Germans are increasingly living their financial limits due to high inflation. The president of the German Savings Banks Association, Helmt Schleweis, told the newspaper “Welt am Sonntag”: “We expect that up to 60 per cent of consumers will lose purchasing power due to significant price increases”.

Even the Volksbank and Raiffeisenbank banking group are watching that customers have less room to maneuver. “High inflation robs consumers of purchasing power, which reduces their ability to save”, the director of the Volksbank Group's board of directors and Raiffeisenbank, Andreas Martin, told the paper.

Financial situation worsening expected autumn

According to banking experts, the savings situation is expected to deteriorate significantly, especially in autumn and winter, especially for low and middle-income people. The tense situation seems to be already clear in bank accounts because many people receive short - term loans or enter a minus. /dw