According to a survey, only a good fifth of households in Germany believe that they still have enough reserves to cover increasing costs Cost of living to cushion. This is the case for 22 percent, according to a survey for the credit agency Schufa. 36 percent fear that the financial cushion is not sufficient. 16 percent have already used up their reserves, 22 percent had none – added together, this means that more than a third have no financial reserves.
There are therefore great concerns about further price increases given the recent oil price shock. At 77 percent, more than three quarters of consumers are afraid that prices will generally rise. 76 percent fear that electricity and fuel will become even more expensive.
Inflation rates increased significantly after the start of the war
The Iran war has made life in Germany skyrocketing. Due to significantly increased energy prices, the Inflation rate in March at 2.7 percent, the highest level since January 2024. In February The inflation rate, on the other hand, was 1.9 percent above the level of the same month last year.
Energy in particular became significantly more expensive: the prices for household energy and fuels were 7.2 percent higher in March than in the same month last year – people had to pay significantly more for fuels and heating oil. The federal government therefore announced as Relief measure on Monday, taxes on diesel and gasoline for two months by around 17 cents gross per liter.
“People are feeling the crisis through higher prices directly when shopping and filling up the tank – the lower income groups in particular no longer have any reserves to cushion this,” said Schufa CEO Tanja Birkholz about the results of the survey. Schufa regularly carries out consumer surveys. For the latest edition, the credit agency initially surveyed 1,000 people at the end of February, and the survey was repeated in March after the start of the Iran War.