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More and more Germans in financial troubles

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According to their own estimates, more than every third German (38 percent) will find it increasingly difficult to make a living. This is the result of a representative survey commissioned by the credit agency Schufa, as reported by “Welt am Sonntag”. This means that concerns about financial problems have increased significantly within a few months. As recently as January this year, only about every fourth citizen shared the fear of costs that could no longer be borne.

About one in seven people will also “very likely” have to take out a loan in order to be able to maintain their standard of living, the newspaper further reported from the survey. Just as many stated that they had already borrowed money from relatives or friends. And almost a quarter of those surveyed have overdrawn the account due to the current situation. For the survey, Schufa interviewed a representative population group of 1,000 people in May.

In this context, the German Ministry of Consumer Protection wants to strengthen debtor and insolvency advice. It is expected that one million euros will be spent on this annually. Discussions are already underway with other departments and the interest groups of the debt counseling service to prepare funding projects.

Accessed on May 29, 2022 at 11:41 a.m. at https://www.sn.at/wirtschaft/welt/immer-mehr-deutsche-in-finanziellen-sorgen-122022676

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