The crises hit the wallet: almost a third of people in Germany expect their financial situation to deteriorate in the next two years, as many as last did in 2008 during the financial crisis.
This is the result of the wealth barometer of the Savings Banks and Giro Association, which its President Helmut Schleweis presented in Berlin on Tuesday.
The wealth barometer is a representative survey that has been determining the propensity to save in Germany on World Savings Day for 17 years.
Miguel de la Riva
volunteer
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The figures show a mood that has been severely clouded by the difficult economic circumstances.
While 43 percent felt financially secure last year, this year it is only a good third.
Households are increasingly reacting to rising living costs by doing without: Around two thirds have reduced their consumption, the highest figure since 2005;
more than half want to further reduce it in the future.
Of those surveyed, 68 percent stated that they heat less and save energy costs in the household.
Forgoing energy is not a permanent solution
For the clear majority of households, the motto for the next three years is “get along with the income”, said Schleweis at the presentation of the barometer.
The increasing economic pressure makes itself felt in the middle class.
Among the top concerns were inflation, which worries 90 percent of those surveyed, and rising energy prices, which worry three quarters.
That is why a “double strike” is required: energy prices must be lowered by economic and financial policy in the long term, and inflation that goes beyond this must be curbed by monetary policy.
In view of the increased prices, Schleweis said: "Saving energy is the new way of saving." Using less heat and hot water is currently the most effective way for households to develop financial leeway.
In the long term, however, simply doing without is not a solution: “Standing in the dark bathroom after a cold shower cannot be a vision for the future.
We have to manage to live with expensive energy permanently.”
Saving also means investing in energy modernization
That is why a "powerful energy transition" is essential in order to become less dependent on high prices and to maintain jobs and competitiveness.
As correct as the acute crisis aid is, the state cannot absorb the increased energy costs in the long term.
That's why Schleweis urged us to use "all energy sources that are in our hands" and to be more ambitious in pushing ahead with the expansion of photovoltaic and wind power plants.
In addition, subsidies should be used to double the rate of energy-related refurbishments from one percent of the building stock to 2 percent a year.
So far, only 33 percent of homeowners state that their property has been energetically renovated.
Everyone could contribute to the energy transition.
Replacing inefficient devices or installing new heating systems often pays for itself quickly.
Schleweis therefore advocated an expanded concept of saving: "Modern saving also consists of making economically worthwhile investments in modernizing energy systems." The savings banks support such measures with financing and, through a partnership with the company Tado, offer their customers the opportunity to buy electronic heating controllers at a discount, which could reduce consumption by up to 30 percent.
Inflation next year at almost ten percent
Schleweis was concerned about the rising construction costs.
The real estate financing boom of the past few years is over.
Buying a home is still an important goal for many households, but it threatens to become a distant prospect if prices continue to be high.
The fact that home ownership is difficult to afford for young families with two average incomes is unacceptable.
Since there is often a lack of equity, funding must start here.
Schleweis also advocated the reduction or abolition of real estate transfer taxes.
Schleweis was harsh on the monetary policy of the European Central Bank.
While the unusual measures taken after the financial crisis were justified, the damage has outweighed them for several years.
The "money flood", which in the meantime has already led to an inflation in asset and real estate prices, has now also arrived in the general shopping basket and thus in people's everyday lives.
At 10 percent this year and almost 10 percent next year, Schleweis expects higher inflation than the federal government: "Many price increases are still in the supply chains and have not yet reached consumers," pointing to the ongoing disruptions caused by the zero Covid policy in China referred.
Schleweis expects