Finance: Survey: Almost 40 percent use credit purchases

If money is tight, buying on credit is the most popular financing aid for people in Germany. This is the result of a representative study by the opinion research institute YouGov on behalf of TeamBank. In addition to purchases on account, overdraft facilities are also often used. For the study, YouGov surveyed 3,160 people between the ages of 18 and 79 online about their liquidity and consumer behavior from June to July this year.

Accordingly, 73 percent of those surveyed stated that they had already used at least one financing option. The most popular option is purchasing on account (38 percent), and almost a third (29 percent) took advantage of an overdraft facility. 26 and 28 percent respectively resorted to installment purchases or loans for larger purchases such as real estate.

People with more money in particular use financing

According to the study, financial assistance is primarily used by people with higher incomes – “in order to be able to afford something despite financial bottlenecks,” says TeamBank. According to this, 46 percent of those who have already resorted to a loan for larger purchases have a household net income of 4,000 euros or more.

The situation is different for people with lower incomes: only 13 percent of those surveyed with a household income of less than 1,000 euros, for example, opted for a loan for larger purchases or a classic installment loan.

More than a quarter reject financing

At the same time, according to TeamBank, Germans are taking a responsible approach to this issue. 56 percent of those surveyed said they only use financing in exceptional cases. 27 percent of those surveyed still reject the various financing options. In addition, many people are worried that they will not be able to meet their payment obligations during the term (30 percent). The survey also found that one in three people have less money available each month than they did a year ago.