Germans Save Record Amounts Amid Economic Uncertainty
The share of German households with savings has reached a record high, but caution due to uncertain economic prospects, not improved financial standing, is the primary driver.
German households have reached a new record in savings. According to ING Germany's consumer research, published in February 2025, 70.7 percent of Germans reported that their household has savings, the highest proportion since surveys began in 2013.
However, the increase in savers is attributed less to a broad improvement in financial well-being and more to precautionary saving in the face of uncertain economic outlooks. Almost three-quarters of savers cited preparing for unforeseen events as their main motivation.
Concurrently, 23.5 percent of Germans stated they have no savings. The primary reasons cited, consistent with recent years, are low income and increased living costs. More than half of households with savings indicated their funds would last at least six months if income ceased.
Data from the Bundesbank shows German household financial assets reached a record €9 trillion in the third quarter of 2024. While overall wealth has grown significantly, outpacing inflation, the rise in the proportion of savers has been more gradual. This suggests that a large part of the wealth increase has accrued to existing savers rather than enabling a wider segment of the population to start saving.
The research also highlights a general trend of consumer caution across Europe. Despite moderating inflation and recovering wages, individuals are prioritizing building financial buffers against potential future economic shocks.