How much money is still enough to live on? In times of record inflation and increasingly expensive energy prices, this question is on the minds of many Germans. The head of the savings bank knows the answer – and it’s likely to make many people’s jaws drop.
At the gas pump, in the supermarket or when visiting a restaurant: Prices in Germany are shooting through the roof. Most recently, inflation even broke through the double digits and reached 10 percent. Similar to a mold that spreads slowly, the effects of the inflation wave also only become apparent over time. The Sparkasse describes how bad it will be for Germans if record inflation continues with a depressing numerical example.
Sparkasse warns of the impact of inflation and energy prices
According to calculations by the Sparkasse, households with a net income of less than 3,600 euros currently have no money left at the end of the month and have to draw on their savings to plug financial gaps (source: FAZ). That is 60 percent of private households, according to Helmut Schlewies, President of the German Savings Banks and Giro Association.
In plain language: More than half of private households are running out of money in Germany! They have to attack their savings to cover their monthly costs. A horror figure that is probably unprecedented in the history of the Federal Republic.
The demands made by the head of the savings bank to politicians are correspondingly clear. In their relief packages, they must focus on these income groups in particular. After all, the households that have managed to get by so far have a high investment requirement – key words being energy efficiency and the like. In addition, the greater pressure to save could also spread to other sectors of the economy, such as the catering and service industries. He does not see any hope of a rapid improvement.
Save on electricity and water consumption
One way to save is to use less electricity and water. Stiftung Warentest, for example, knows which washing machines are particularly energy-efficient. And Ikea has recently introduced a spray nozzle that is said to reduce consumption by up to 95 percent.
the main source of the news: https://www.giga.de
