International comparison
German savings rate remains high
Households in Germany remain cautious even after the end of high inflation. More than one in ten euros is saved and not put into private consumption like in other countries.
People in Germany continue to keep their money together. In the first half of this year, the savings rate rose again to 11.1 percent, as the Federal Statistical Office reported on World Savings Day (October 31). This means that for every 100 euros earned, people have put aside 11.10 euros. The last time there were significantly higher savings rates was in the Corona years 2020 and 2021.
In general, cautious Germans are way ahead when it comes to saving compared to other countries. Last year, savers were even more eager in only a few countries. In Switzerland the savings rate was 19.4 percent and in the Netherlands it was 12.7 percent. The Germans came to 10.4 percent. People in the USA (4.7 percent), Japan (2.8 percent) and Italy (0.3 percent) saved less. People use their savings to prepare for worse times. However, the money cannot always be used immediately for private consumption, which stimulates the economy.
Destatis savings rate 2023 and 1st half of 2024
dpa
Source: Stern
