Savings bank president Helmut Schleweis expects that up to 60% of households will soon have to use all their available income for a standard of living.
According to savings banks, the majority of German citizens are increasingly reaching financial limits due to high inflation.
“We expect that due to significant price increases, up to 60 percent of German households will have to use their entire available income – or more – on a monthly basis for a net standard of living,” Sparkassen president Helmut Schleweis told Welt am Sonntag.
According to the Sberbank Assets Barometer, only 15% failed to save money a year ago.
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