Many people reduced their standard of living – Economy & Volkswagen – News

Many people reduced their standard of living – Economy & Volkswagen – News

According to the survey, a third of Germans will have to supplement their income with part-time jobs because of the very high prices.

This was the result of a survey by the credit agency Crif, published on Friday, which took place in July – that is, before the overall rate of inflation in Germany exceeded the ten percent mark. In the group of those under 55, almost every second person thinks it is likely that additional income will be necessary to improve their personal financial situation.

Many want to save on these products

Above all, energy and food prices have increased significantly in the past few months. According to the previous official information, consumer prices in Germany in October were 10.4 percent above the level of the same month last year. This is the highest value in about 70 years. High inflation rates reduce the purchasing power of consumers because they can afford less per euro.

During the Crif survey, the majority of 1,000 adults surveyed in Germany said they were confident that they would be able to pay current bills (82 percent) and, for example, tax payments (92 percent) in the future. But in early summer, a third of people (33 per cent) feared that their standard of living would decline in the next twelve months.

According to the survey, two-thirds (65 percent) of respondents simply don’t think it’s possible to save on trivial things like streaming subscriptions or food delivery. The same proportion of Germans also think that they will have to cut corners when it comes to weekly shopping or car use and water consumption. Four out of ten respondents (41 percent) said they are likely to use their savings to pay for everyday expenses.