The fear of inflation is spreading and weighing on the minds of German citizens. As recent surveys show, 16% of Germans are already skipping meals due to rising prices. The topic is on the agenda, yet there are many question marks when it comes to dealing with it, as a new infographic from Block-Builders.net shows.
According to a representative survey conducted by Civey, 41% of Germans have no strategy to counteract the erosion of the value of their money. At least one in five sees investing in equity funds as an attractive way of preserving value or purchasing power. 19% of Germans currently consider it expedient to save money in order to cope with the situation.
According to the Federal Statistical Office, inflation reached 7.9% in May. Price increases for many day-to-day staples have been significantly higher. Heating oil and fuel, for example, are 50% more expensive than they were in the same month last year, while prices for electricity, gas and other fuels have risen by 36%. For food and non-alcoholic beverages, the inflation rate is 10% and rising.
There is no shortage of concern, at any rate. 40% of Germans currently describe inflation as their greatest worry, with the Ukraine war coming in second at 34%.
Most people are finding it more difficult than ever to cope, all the more so since the investment culture in Germany is relatively undeveloped among the masses. The recent enthusiasm for the stock market may just have come to an abrupt end.
With acute challenges and no clear strategy, the idea of seeking advice seems obvious. But this is precisely where many German citizens have had bad experiences. In a ranking, many (14.7%) describe trusting the wrong advice as their biggest financial mistake.