Germans worry about loneliness at Christmas: financial future prospects bleak

Germans worry about loneliness at Christmas: financial future prospects bleak

According to a report by www.eichsfelder-nachrichten.de,

At the end of the year, the longing for closeness and community is particularly great. At the same time, not all German citizens can spend the holidays with family or friends. At least one in ten Germans (10 percent) is worried about the upcoming holidays because they fear being lonely. Concern about loneliness is even more widespread among younger Germans (17 percent) than among older people (10 percent). But loneliness is also a social question: the fear of loneliness at Christmas and between the years is clearly pronounced among people who are not doing well economically and who have a low household income (25 percent).

Loneliness at Christmas is a social issue that not only causes personal suffering, but can also have an impact on the financial industry. When people experience psychological distress due to loneliness or economic hardship, this can impact their consumer behavior and financial stability. People who feel lonely or have financial worries may be less inclined to spend money, which could impact retail and the economy in general.

At the end of the year, Germans' expectations regarding their own prosperity are just as gloomy as they were a year ago. As in December 2022, only about one in eleven (9 percent; +1) expects their own economic situation to improve in the next twelve months. Almost half (46 percent; -1) do not expect any significant changes over the course of the year. Four out of ten (41 percent; -1) fear that their economic situation will worsen in the new year. Those who are already not doing too well financially today are strikingly pessimistic about 2024. People from households with low incomes expect their economic situation to worsen rather than stabilize (47:38 percent). Significantly more East Germans than West Germans are concerned about the development of their own economic situation (47 versus 39 percent). The economic expectations of AfD supporters are also extremely pessimistic (75 percent).

This pessimistic sentiment about Germany's economic future may lead to caution regarding investments and spending, which could impact the financial industry and the general market. If consumers and investors are uncertain, they may invest less and spend less, which could affect economic growth. It is important that the financial industry is aware of this sentiment and takes appropriate measures to boost consumer confidence and promote economic stability.