As of: March 12, 2024, 4:09 p.m
By: Laura Hindelang
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Despite inflation, Germans are still saving diligently.
Compared to other industrialized countries, people in this country put aside a relatively large amount of money.
When everything becomes more expensive, you would think that it would no longer be possible to put a lot of money aside.
Despite inflation and rising prices, Germans are particularly keen savers in comparison.
This is proven by data from the
Federal Statistical Office
from 2023, which shows the savings rates of several countries.
The savings rate indicates the share of savings in disposable income.
This is how many people save in other countries
The figures show that Germans will have put aside an average of 11.1 percent of their monthly income in 2022.
According to a report by
Tagesschau
, this corresponds to around 260 euros per person.
Compared to other industrialized countries, the savings rate in Germany is relatively high.
Only the Netherlands, Sweden (13 percent each) and Switzerland (18 percent) save more.
The following table shows how much money people in other countries save each month:
Austria |
9 percent |
Italy |
2 percent |
Spain |
3 percent |
USA |
4 percent |
Japan |
5 percent |
Australia |
13 percent |
The statisticians emphasized that there are big differences between households.
How much people actually save depends, among other things, on their income, where they live, their living situation and their “individual propensity to save”.
While some people put a lot of money aside, other households hardly have anything left for their savings account.
© Jan Huebner/Imago
Some people find it easier to put money away, while others tend to spend their wages quickly.
People living in a big city have higher living costs than households in rural areas.
Those who have children spend more money on food each month than a couple without children.
Better money management through the 50-30-20 rule
The 50-30-20 rule offers a guideline for structuring your finances: 50 percent of your income is reserved for basic needs, 30 percent for leisure and consumption, and the remaining 20 percent for saving or investing.
If you manage to follow these guidelines, you can save enough money without having to forego the joys of everyday life.
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According to the
savings bank,
the 50-30-20 rule was made public by US Senator Elizabeth Warren, who mentioned it in a savings guide.
In detail, the income should be divided as follows:
50 percent for fixed costs:
All expenses that arise every month and are essential such as rent, electricity, insurance, mobility and food.
30 percent for personal needs:
According to the
Sparkasse
“Things that are not absolutely necessary, but make your life more pleasant.” These include, for example, hobbies, clothing and going to restaurants.
20 percent for saving and investing:
This portion is only intended for saving.
It should end up in a separate account or in a securities account.
According to Finanztip,
ideally you invest the money
in two different ways: Firstly, as a short-term emergency fund for immediate expenses (wedding, vacation, car) or for unforeseen events.
On the other hand, you should invest the money in the long term, for example in ETFs.
So much for the theory.
In reality, even with the 50-30-20 rule, individual life circumstances dictate how much money can be saved.
In any case, the guidelines provide good guidance and a solid framework for investing money in the long term and handling finances more responsibly.
The first step is to work out what your income, fixed costs and expenses are.
The rule can therefore also help you keep a better overview of your finances.
Or motivate you to implement more savings tips in your everyday life.
Depending on your living circumstances, you can then increase or reduce the percentages accordingly.
It is important to put aside the savings portion at the beginning of Monday.
Then you have already reached your savings goal and don't have to worry about whether there will be enough left at the end of the month.
“Nothing is more frustrating than asking yourself every time you go shopping or go to a restaurant whether you can still afford it, only to find yourself at the end of the month with a black zero in your account,” explains business journalist Christiane von Hardenberg in Die
Zeit
.