The President of the German Savings Banks and Giro Association, Helmut Schleweis, calls ominous numbers. According to Schleweis, 60 percent of German households, i.e. no fewer than 25 million people, are already using up their entire monthly income and some of their savings to cover their living expenses. According to the Federal Statistical Office, every sixth German is at risk of poverty. What will these people do if prices keep rising?
In any case, the German state will have to dig deep into the treasury to save millions of citizens from a financial fiasco. Experts assume that the over-indebtedness of the German population will only become fully apparent in 2023 or 2024. After all, most price increases for electricity and gas will only apply in the coming months.