Savings bank boss concerned: “Demand has collapsed from one day to the next”

Created: 2022-10-19 05:02

By: Lisa Mayerhofer

Helmut Schleweis, President of the German Savings Banks and Giro Association (DSGV).

© Bernd von Jutrczenka/dpa

Inflation and horrendous energy prices are forcing many German households to wait and save.

The savings banks are also feeling the effects.

Munich – The savings banks are the banking association in Germany with the most customers.

They therefore have a good insight into the financial developments of German households.

Savings Bank President Helmut Schleweis now warns in an interview with the

that the inflow of deposits from customers of the Savings Banks has fallen significantly compared to the previous year.

Savings bank boss: "More and more people have to fall back on savings"

“This shows that more and more people have to fall back on savings to cover their living expenses.

The middle class is also increasingly affected.

So people who have been doing well with their current income so far, ”said Schleweis the magazine.

Therefore, he thinks it is important that "this group and the medium-sized companies are given more attention in support programs".

At the same time, interest in real estate loans is declining.

“Demand collapsed from one day to the next.

Many projects in the planning stage are being cancelled," Schleweis told

, citing the rising costs as a key factor.

In the first half of the year, demand for real estate loans was still high.

"However, this was also due to the fact that many projects were already on the way in terms of planning and finances," said Schleweis.

"In the past few weeks, the picture has changed abruptly." Many interested parties would now wait and see.

Energy crisis: 60 percent of households consume all income

As early as September, the German Savings Banks and Giro Association calculated that 60 percent of households would use their entire monthly income and some savings for current expenses.

Hospitality, tourism, retail and other service providers in particular have to adjust to the fact that customers spend less.

In addition, companies could face the brink of existence due to the high energy prices, said Schleweis.

The association spoke out in favor of limiting electricity and gas prices.

In addition, households and companies would have to save at least 20 percent of their energy and invest in renewable energies.