In international comparison, Germans save more than in other countries. On average, 11.1 percent of the income of the average German is put aside. In other words, for every 100 euros of available income, 11.30 euros are saved. This corresponds to approximately an amount of 260 euros per citizen per month.

In other countries, the savings rate is much lower. Our Italian neighbors, for example, only put aside 2.1 percent of their income. In the US it is 3.7 percent, in Japan 5.4 percent and in Austria 8.8 percent. However, in a few countries more is still saved than here. In the Netherlands, the rate is 12.7 percent. The list is led by Switzerland. Citizens there save 18.4 percent.

Why Germans save so much That relatively much is saved in Germany has different reasons. On the one hand, saving for bad times has a long tradition in Germany, whose origin goes back to the 1920s. At that time and after World War II, Germans experienced a great economic uncertainty. This fear runs deep to this day. The view that reserves are important for the case of economic turbulence is firmly rooted and is often passed on from parents to their children.

On the other hand, there is a strong financial awareness in Germany. Financial security plays a special role here. Many consider their financial future and strive to achieve financial goals. In addition, many Germans have the need to provide for themselves privately in order to be well secured in old age. This can also lead to increased saving propensity.

It is interesting that the savings rate has not decreased despite high inflation. The pandemic-related restrictions during Corona led to the savings rate in Germany reaching a historical high of 18.2 percent. In the second half of 2021, the lifting of many restrictions led to significantly higher consumer spending. The savings rate fell to 12.1 percent.

How you should save Of course it is right and important to save money so that you can maintain your standard of living to a ripe old age. However, the how plays an important role.

For example, if you put your money on a savings account, you currently get a maximum of 1 percent interest per year. In October, however, the inflation rate in Germany is expected to be 3.8 percent. Although inflation is decreasing, it is still higher than the interest you get for money on the savings account.

That means: for every euro you put on the savings account, you suffer a loss of purchasing power. With a fixed deposit account, you can now compensate for the inflation rate at some banks, but you cannot really increase your wealth.

That’s why you should absolutely get to know alternatives to the savings book and the fixed deposit account. These can be found in Sicheres Geld, a consulting service for critical investors who want active asset protection.

Loyal readers are convinced of the recommendations, as they were able to protect and increase their wealth despite the crisis in the past two years.