The meager interest rates do not make you want to save.

And especially at a young age, comparatively low income often joins a multitude of wishes and dreams that one would like to fulfill as quickly as possible.

Nevertheless, saving has by no means gone out of fashion in this country, even among young adults, but the regional differences are not only great when it comes to wanting.

At least this is the result of a representative survey by the investment company Union Investment.

Kerstin Papon

Editor in business.

  • Follow I follow

The overall most important savings goal is therefore financial independence, which most respondents want to achieve with savings accounts, investment funds and discipline, among other things.

In Saxony, Berlin and Bavaria in particular, many young adults save regularly.

However, it is not particularly far when it comes to knowledge of money matters, because many young people themselves only have poor financial knowledge, according to Union Investment.

Berliners with bad grades

Berliners in particular give themselves bad grades, followed by residents of Schleswig-Holstein. More than one in four of the young capital city dwellers judge their own financial knowledge to be insufficient or even inadequate. On average, the bottom line is just “satisfactory” (grade: 3.4). Nonetheless, the respondents agree with those responsible. Schools should impart the necessary financial knowledge - that's what 85 percent of the survey participants say. However, almost two thirds have only given schools a grade of “poor” to “unsatisfactory” for imparting financial knowledge. For the analysis, the market research institute Forsa interviewed more than 2000 people between the ages of 18 and 29 online on behalf of Union Investment.

Although just under half of young adults state that their own financial situation is good, a large number of them manage to save in some form (91 percent). A good half of the respondents save regularly every month, a third do so irregularly. There are particularly keen savers in Saxony and Berlin, where around 70 percent regularly save (see graphic). This happens far less often in Lower Saxony and Bremen, for example. According to the survey, however, there are many who save what is ultimately left over. The federal states with the most non-savers are Schleswig-Holstein, North Rhine-Westphalia, Rhineland-Palatinate and Saarland, each with a share of 11 percent.

The figures show that there is a great willingness to put money on the high edge and that young Germans do not see saving as stuffy or old-fashioned, says Giovanni Gay, Managing Director of Union Investment.

The view of the future is also more optimistic if the young adults manage to save.

On average, almost two thirds of this age group save in order to be financially independent.

This savings target is particularly pronounced in Bavaria and Schleswig-Holstein, followed by North Rhine-Westphalia.

More than half of the respondents put money aside for emergencies.

For the majority, larger purchases are also a savings goal, for many also their own retirement provision at a young age.

And even if there are some gaps in financial knowledge, there are exceptions. The young adults know their way around the topic of interest best, but things look worse with the concept of yield. According to Union Investment, a lack of knowledge may be the reason why young adults often rely on savings accounts. According to the survey, 42 percent of respondents have such a bank account. A third of young people also save with the help of investment funds, above all the age group surveyed in Bavaria and Baden-Württemberg.

It shows clearly how knowing or not knowing affects actions when saving, says Gay. For example, those who do not know what to do with the term return may not be familiar with forms of savings with returns. The worst is the knowledge of the subject of the employer's capital-forming benefits, which is important for young professionals.

Discipline is the most important recipe for saving successfully - that's what 90 percent of those surveyed say.

This is followed, among other things, by sufficient financial resources (86 percent) and personal financial knowledge (84 percent).

More than three quarters also consider it important that one learns in one's own family how saving works properly.

For imparting financial knowledge, parents get better grades than schools - on average at least a “good” to “satisfactory” (2.8).

The other places in the recipe for success are profitable investments, professional advice and, last but not least, a willingness to take risks.