On the one hand, Germans are more negative than ever about their current financial situation, and on the other hand, fears for the future are spreading among them. Nearly one in four of the more than 1,000 respondents said their current financial situation is not good. Such a high value was not even during the financial crisis of 2008/2009.
“Inflation and the associated increase in the cost of living are currently putting a lot of pressure on people,” said Henrik Ahlers, CEO of EY Germany. For this reason, Germans are also pessimistic about their finances in the near future, with 41 percent of those surveyed believing that their economic situation will worsen in 2023. This is almost double that of the last survey from a year ago and , compared to 2020, the number of these people has almost quadrupled. A large number of crises, which seem to reinforce each other, deprive people of optimism, according to Ahlers. At the same time, the Germans want to save a lot in 2023. For example, avoid big purchases, especially cars, kitchens and sofas.
Nearly two thirds of Germans plan on much smaller budgets. At the same time, spending on electronics such as computers, televisions or smartphones is also falling in more than one in two households. The same applies to the repair and modernization of houses and apartments. Behind this desire and intention to save, according to the study, there is a concern about the high and rising prices of energy and the increase in the cost of living.