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German households save an average of 11.1 percent of their income - despite high inflation.
According to a report from www.tagesschau.de, German households save particularly a lot. Last year, the savings rate averaged 11.1 percent of their income, despite high inflation. In international comparison, Germans are avid savers. In Italy the savings rate was only 2.1 percent, in the USA 3.7 percent, in Japan 5.4 percent and in Austria 8.8 percent. Only a few countries had a higher savings rate than Germany. The Netherlands, for example, had a savings rate of 12.7 percent and Switzerland topped the rankings with 18.4 percent. In the first half of 2023, the savings rate in Germany rose further to 11.3 percent. That means, …
German households save an average of 11.1 percent of their income - despite high inflation.
According to a report from www.tagesschau.de, German households save particularly a lot. Last year, the savings rate averaged 11.1 percent of their income, despite high inflation. In international comparison, Germans are avid savers. In Italy the savings rate was only 2.1 percent, in the USA 3.7 percent, in Japan 5.4 percent and in Austria 8.8 percent. Only a few countries had a higher savings rate than Germany. The Netherlands, for example, had a savings rate of 12.7 percent and Switzerland topped the rankings with 18.4 percent.
In the first half of 2023, the savings rate in Germany rose further to 11.3 percent. This means that private households save an average of 260 euros per month. However, there are big differences between households. While some are able to save a lot of money, others are left with nothing at the end of the month, which is exacerbated by the high prices of everyday goods.
The persistently high inflation has not yet led to a reduction in the savings rate. In the first half of 2021, the savings rate reached a historic high of 18.2 percent due to the corona pandemic. The restrictions led to lower consumption and higher savings. However, in the second half of 2021, consumer spending rose again and the savings rate fell to 12.1 percent.
The savings rate indicates the share of savings in disposable income. However, price gains or losses on stocks and changes in the value of real estate are not taken into account. Depreciation reduces disposable income, but is only published by the OECD for some countries.
The high savings rate among Germans has possible effects on the market and the financial sector. A high savings rate leads to less consumption and can therefore influence the demand for products and services. This, in turn, can impact businesses and investments. In addition, the savings in households give banks more financial resources for loans and investments. This can lead to low interest rates and stimulate the economy.
Source: According to a report from www.tagesschau.de
Read the source article at www.tagesschau.de