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Only every second person can save money

Fewer and fewer people are able to put money aside on a regular basis, mainly because of the sharp increase in energy prices.

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Only every second person can save money

Fewer and fewer people are able to put money aside on a regular basis, mainly because of the sharp increase in energy prices. According to a survey by the Institute of German Economics in Cologne (IW), only every second person feels capable of doing so. Last year it was 70 percent, as the institute announced on Monday. On average, savers can save 550 euros a month.

According to the IW, it is not only low earners who are affected by the “deterioration in the ability to save”. Only a good half of those surveyed with a monthly income roughly in line with the national average stated in the survey that they were able to save money. Two years ago, the proportion here was still 80 percent. However, high earners feel the strong inflation much less.

Energy prices are particularly often seen as a "heavy financial burden". 67 percent of those surveyed provided this information. "The crisis has arrived in the middle, where saving was part of the bourgeois self-image for a long time," explained Tim Gensheimer from the Sinus Institute, which worked with the IW for the survey.

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