The rising prices for life support are leaving their mark on German consumers. According to a recent study by the N26 Bank, groceries, gas and electricity in particular tear holes in the budget. On the other hand, savings are made on electronics.
Since March, Germans have been saving only about half of what they had been putting aside monthly at the beginning of the year. This is shown by a study by the online bank N26. Between March and August, the savings rate fell to a meager 4.02 percent of an average monthly income. For comparison: the savings rate was previously 8.42 percent, i.e. more than double. In other words, this corresponds to a minus of 52.2 percent.
What is special about the evaluation: The study is based on an analysis of the anonymized spending and savings data of more than 380,000 customers of the N26 throughout Europe in the period from January to August 2022. This makes it far more comprehensive than other online surveys.
A comparison of Germans with their European neighbors confirms the suspicion that the crisis is having a particularly strong impact in this country. Only in Italy did the savings rate fall even more sharply, at minus 84.2 percent, while France, Spain and Austria are currently saving even more than before.
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The savings peak was therefore in February. At that time, Germans saved an average of 295.90 euros, which corresponded to 10.27 percent of the average income. As early as May, only 45.70 euros were put aside, which corresponds to just 1.45 percent of the average income. The introduction of the 9-euro ticket may explain why the savings rate rose again to 119 euros in June. In August, at an average of EUR 49.40, it was again approaching the low for the year in May.
Visiting the supermarket in particular is frustrating for many consumers. Between March and August, N26 customers had to spend an average of 148.41 euros on groceries, 9.2 percent more than at the beginning of the year.
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A significant increase in expenditure can also be observed beyond basic services. For example, for visiting bars and restaurants: while Germans spent an average of 93 euros a month before the crisis, in the months from March 2022 it was an average of 130.94 euros, a whopping increase of 40.82 percent! Germany is also the only European country whose citizens now spend more on health and drugstores (2.6 percent) and household and utilities (4.7 percent). In Germany, on the other hand, savings are made when buying electronic items (- 7.93 percent).
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Even if interest rates continue to rise due to further interest rate hikes by the ECB, interest rate investors must still expect real losses in the foreseeable future in view of the high inflation. If you want to counteract this trend, it is best to use an ETF savings plan. Because only on the stock exchange are returns that are above the inflation rate achievable. You can find the best providers for ETF savings plans in the FOCUS Online Broker comparison.
Click here for the FOCUS Online ETF savings plan comparison
