Almost one in five Germans dipping into savings to get by - poll

According to the survey of 2,000 people, 19.4% of respondents said they were using their savings to get by. Some 12.3% of respondents said they did not have any money in reserve but could manage by tightening their belts, while 8% said they would have to find another job or government assistance because they had no money to fall back on.


Reuters | Berlin | Updated: 22-11-2022 15:09 IST | Created: 22-11-2022 15:07 IST
Almost one in five Germans dipping into savings to get by - poll
Representative Image Image Credit: ANI
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Nearly one in five people in Germany have had to draw on their savings to cover everyday costs as rising inflation cuts into their purchasing power, a survey by the Kantar polling institute published on Tuesday found. According to the survey of 2,000 people, 19.4% of respondents said they were using their savings to get by.

Some 12.3% of respondents said they did not have any money in reserve but could manage by tightening their belts, while 8% said they would have to find another job or government assistance because they had no money to fall back on. By contrast, 57.4% of respondents said they could manage without having to dip into savings.

German consumer prices, harmonised to compare with other European Union countries, were up 11.6% on the year in October.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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