Almost one in five Germans dipping into savings to get by - poll
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February 02, 2023

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THURSDAY, FEBRUARY 02, 2023
Almost one in five Germans dipping into savings to get by - poll

Global Economy

Reuters
22 November, 2022, 09:00 pm
Last modified: 22 November, 2022, 08:59 pm

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Almost one in five Germans dipping into savings to get by - poll

Reuters
22 November, 2022, 09:00 pm
Last modified: 22 November, 2022, 08:59 pm
Full shelves with groceries are pictured in a supermarket during the spread of the coronavirus disease (COVID-19) in Berlin, Germany, March 17, 2020. REUTERS/Fabrizio Bensch
Full shelves with groceries are pictured in a supermarket during the spread of the coronavirus disease (COVID-19) in Berlin, Germany, March 17, 2020. REUTERS/Fabrizio Bensch

Nearly one in five people in Germany have had to draw on their savings to cover everyday costs as rising inflation cuts into their purchasing power, a survey by the Kantar polling institute published on Tuesday found.

According to the survey of 2,000 people, 19.4% of respondents said they were using their savings to get by.

Some 12.3% of respondents said they did not have any money in reserve but could manage by tightening their belts, while 8% said they would have to find another job or government assistance because they had no money to fall back on.

By contrast, 57.4% of respondents said they could manage without having to dip into savings.

German consumer prices, harmonised to compare with other European Union countries, were up 11.6% on the year in October.

World+Biz

Germany / inflation / Economic crisis

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