Table of Contents
What do Germans spend most of their money on?
| Characteristic | Expenditure in euros |
|---|---|
| Private consumption expenditure (total) | 2,574 |
| Housing, energy and home maintenance | 890 |
| Food, beverages and tobacco | 356 |
| Traffic | 351 |
What do Germans do with their money?
The most money, namely 2,517 euros, is spent on personal consumption. Of this total, between a third and a quarter is spent on rent, depending on where people live.
What is considered wealthy in Germany?
If you earn 3.340 euros net per month then congratulations – you are officially part of Germany’s wealthiest!
How much money does the average German have in savings?
According to a survey conducted in 2020 in Germany, the average monthly savings among the population amounted to 451 euros. The survey revelead slight differences between age groups. Individuals between 18 and 29 years of age could save on average 390 euros per month.
Why do Germans save so much money?
According to Harold James, the economic historian and Princeton professor, the German commitment to saving reflects demographic, historical and even psychological currents: “The Germans are much more worried than the Americans, for example. They think they need to prepare for every eventuality,…
Does Germany benefit the most from the Eurozone?
In fact, many say Germany profits the most from its membership. Its strong manufacturing base means it has plenty to export to other members of the eurozone and does so more cheaply. That gives German companies a competitive advantage that only improves over time. That creates prosperity, giving German consumers more money to spend locally.
How do the British and the French spend their money?
By way of comparison: whereas people in Germany spend over 35 percent of their money on a place to live, the French do not even spend 20 percent of their income on housing. While the British spend a similar amount as Germans on food, they invest significantly more in recreation and culture – nearly 15 percent.
Why don’t Germans borrow more money?
“In the UK, Italy, Spain and Portugal, for example, higher inflation meant real rates moved down, so there was a huge incentive to borrow money,” he says. But cultural differences are just as significant – quite simply, Germans are uncomfortable with the concept of borrowing money and prefer to live within their own means.