Inflation brings many Germans to their financial limits. Savings Bank President Schleweis expects that up to 60 percent of households will soon have to use their available income to cover the cost of living.
Savings Bank President Helmut Schleweis expects the situation for savers to worsen significantly in autumn and winter
Photo: Bernd von Jutrczenka / dpa
According to the savings banks, the majority of Germans are increasingly reaching their financial limits due to high inflation.
“We expect that because of the significant price increase, up to 60 percent of German households will have to use their entire disposable income – or more – monthly for pure living expenses,” Sparkasse President Helmut Schleweis told the “Welt am Sonntag”.
A year ago, according to the Sparkasse wealth barometer, only 15 percent were unable to put money away.
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German economy minister rules out keeping nuclear plants running to save gas.
German Economy Minister Robert Habeck ruled out on Sunday extending the lifespan of the country’s three remaining nuclear power plants in order to save gas, saying it would save at most 2 percent of gas use.
These savings were not sufficient to be worth reopening the debate about the exit from nuclear energy given the consensus on the topic, he said during a discussion with citizens at the government’s open-door day.
Former Chancellor Angela Merkel initiated legislation to halt the use of nuclear power by the end of this year after the Fukushima nuclear disaster of 2011 with a majority of voters in favour. But attitudes are shifting amid fears of an energy crisis this winter following a decline in Russian gas deliveries – with the three-way coalition itself divided on the matter. read more
“It is the wrong decision given the little we would save,” said Habeck, a member of the Greens party, which has it roots in the anti-nuclear movement of the 1970s and 80s.
Related: Nord Stream 1 pipeline to shut for three days in latest fuel blow to Europe.
#Inflation in Germany could hit a 70y high of 10% in autumn amid Russia's natural-gas squeeze, Bundesbank says. t.co/XKhMyVUlcf pic.twitter.com/GkWT3WGWNn
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