Survey: Germans are saving more for home ownership again

The budgetary situation of German citizens has been tense in recent months. The crisis-related developments of the recent past have contributed to this, in particular the sharp rise in energy prices and high food price increases. Nevertheless, people are still putting money aside.

A survey conducted by private building societies regularly determines the motives for saving. The savings motive "home ownership" ranks ahead of "consumption": the shift in savings motives is the most striking result of the autumn 2023 survey on the savings behaviour of German citizens. The Kantar opinion research institute surveyed more than 2,000 Germans aged 14 and over for the 79th time.

Retirement provision" remains the most important savings motive. 56% mentioned it in the autumn survey - after 57% in the summer. However, "home ownership" is now in second place. This savings motive increased by five percentage points to 42 per cent. For the first time since spring 2010, it is now ahead of the savings motive "consumption" - understood as saving for larger purchases at a later date. This remains unchanged at 41 per cent.

"The discussion about the Heating Act has completely unsettled many people," says Christian König, Managing Director of the Association of Private Building Societies. "Nobody knows exactly what financial burden they will face. But one thing is clear: it will be expensive." If you can save, it's better to keep your money together now to create a financial cushion.

"Capital investment" now only accounts for 26 per cent - two percentage points less than last time. Four per cent - down from eight per cent in the summer - cited "nest egg" as a savings motive and three per cent instead of four per cent cited "children's education".

It should be added that the most important savings motive "retirement provision" is closely linked to the savings motive "home ownership". This is because retirement provision is an important aspect of home ownership. A property as a retirement provision has the advantage that you don't have to pay rent in old age and are independent of rent increases. However, the property financing must be paid off in full by the time you retire.

(Photo: © Andreas Breitling, Pixabay)