Germans in fear: Two thirds are worried about their financial future!

Germans in fear: Two thirds are worried about their financial future!

“What will become of us?” This is what the majority of Germans are asking themselves today, because according to a recent survey, eight out of ten respondents are very concerned about their financial future. These worrying figures were found in a survey by tagesschau.de presented, in which over 1,000 households in Germany were surveyed.

The survey shows that the majority of Germans are not only struggling with rising prices for rents and services, but also find the uncertainty about their own financial situation to be very stressful. Around 31 percent of respondents fear that their financial situation will deteriorate further in the near future, while 24 percent will have difficulty paying bills on time in the coming months.

Persistent fears and austerity measures

Citizens' concerns are not unfounded: compared to other European countries, Germany has the highest scores when it comes to financial fears for the future. This is also underlined by a survey by spiegel.de, which shows that around 74 percent of Europeans are also worried, but in Germany that number rises to 80 percent. People with low incomes are particularly affected: almost three quarters of those surveyed who have a net income of 2,000 euros or less express serious fears about the future.

The financial situation means that 59 percent of Germans have become more frugal in the last twelve months. Higher expenses for rent and everyday living cannot be denied. Around 32 percent stated that they had to pay more for their living space for the last five years, which further increases the overall burden. An example of the price increases: Chocolate has increased in price by 28 percent, while coffee beans and ground beef have increased by almost 20 percent.

Financial aid and ideas for the future

Another worrying finding from the survey is that more than half of respondents (52 percent) have resorted to a new line of credit to cover their expenses in the last year. While 20 percent have opted for “buy now, pay later” services, this is almost double the European average. Concerns about repaying such loans cannot be ignored either - six out of ten borrowers expect to have difficulty repaying them.

It is therefore not surprising that almost one in two people expect their personal situation to improve in the coming year, while only a third believe in a positive turnaround for 2024. There is great hope for government help: around 75 percent of those surveyed advocate support during economic crises, namely through energy flat rates or tax relief for everyday products.

Overall, uncertainty about the financial future in Germany is at an alarming level. Those who have the necessary change should therefore keep a good hand and think carefully about where they are going the next time they make an investment decision. The constant price increases and the tense market situation force many people to keep a close eye on their own financial planning. Because as the saying goes: “You don’t do good business on credit.”