Rising energy prices and inflation – How Germans manage their finances – Finance and Volkswagen – News

Rising energy prices and inflation - How Germans manage their finances - Finance and Volkswagen - News

BERLIN (ots) – – On the occasion of this year’s World Savings Day, mobile bank N26 examined how customers in the EU are adapting their spending and saving habits to the current crisis and what trends are emerging in the aftermath. – Since the crisis broke out, Germans have little money left at the end of the month – other European countries are saving more.

Just in time for this year’s World Savings Day, how rising energy prices, inflation and the associated cost-of-living crisis are emerging among European consumers. The rising costs of many things, from food and electronics to gas and electricity, are not taking their toll on German consumers in particular.

Since March, the beginning of the crisis, Germans have been able to save only half (-52.2%) of what they set aside monthly at the beginning of the year: the savings rate fell to 4.02% between March and August. Average monthly income has decreased. Earlier it was 8.42 percent. Compared to our European neighbors, the cost of living crisis (https://n26.com/de-de/blog/lebenhaltungkosten-deutschland) is having a particularly strong impact in this country – only in Italy is the savings rate higher. A further steep decline (-84.2 %). In France, Spain and Austria more are preserved than before.

Looking at the whole of 2022, the average amount saved in Germany reached its highest level in February (EUR 295.90, which is 10.27% of the average income). In the following months, a clear downward trend can be observed before reaching a low of EUR 45.70 (EUR 45.70 or 1.45% of average earnings) in May. After the introduction of the €9 ticket in June, Germans managed to save again – €119 in June, almost €74 more than in May. In August, savings again approached the May level at an average of EUR 49.40.

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Grocery shopping, electronics, dining out? Where the crisis leaves the biggest marks

For many, inflation (https://n26.com/de-de/blog/geldentvaluation) has made itself felt in recent months, especially when visiting the supermarket. Between March and August, German N26 consumers spent an average of 148.41 EUR per month on groceries. This is an increase of 9.2% compared to January and February.

However, spending also increased in areas beyond basic services. German N26 users dig deeper into their pockets to visit bars and restaurants. While it was an average of EUR 93 per month in the pre-crisis months, from March 2022 an average of EUR 130.94 will be spent on it (+40.82%). In terms of monthly income, almost a third (+31.89%) is spent here. In addition, Germany was the only European country where spending on health and drugstores (+2.6%) and household goods and utilities (+4.7%) increased in recent months. On the other hand, more savings are made when buying electronics (-7.93%).

Via N26

N26 is the first bank you love. It offers a mobile bank account with no hidden fees. Two Austrians, Valentin Stalf and Maximilian Tayenthal, founded N26 in 2013 and launched their product in Germany and Austria in 2015. N26 has approximately 8 million customers in 24 countries. N26 currently has over 1,500 employees across 10 locations in Amsterdam, Berlin, Barcelona, ​​Belgrade, Madrid, Milan, Paris, Vienna, New York and São Paulo. More than 60 employees from more than 25 different countries work at the Vienna Tech Hub. N26 transforms banking into the 21st century with a European banking license, standard-setting technology and without an expensive branch network, and is available via Android, iOS and web applications. To date, N26 has raised approximately $1.8 billion from notable investors including Third Point Ventures, Coteau Management LLC, Dragonier Investment Group, Insight Venture Partners, GIC, Tencent, Alliance X, Peter Thiels Waller Ventures, Li Ka-shing’s Horizons Ventures and Early Birds. Capital, Greyhound Capital and Battery Ventures, as well as members of the Zalando Board and Redalpine Ventures. N26 is currently active in the following countries: Belgium, Denmark, Germany, Estonia, Finland, France, Greece, Ireland, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Austria, Poland, Portugal, Sweden, Switzerland, Slovenia, Slovakia and Spain.

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Press Contact:

Press N26 contact presse@n26.com

Website: n26.com | Twitter: @n26 | Facebook: facebook.com/n26 | YouTube: youtube.com/n26bank

Original content from: N26 Inc., broadcast by news aktuell

Pressportal-Newsroom: News up to date GmbH

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