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Business

Germans feel secure about financial future, says study

Germans appear to be faring better in the current eurozone crisis than most of their fellow Europeans. A study has found them to be feeling more prosperous now than five years ago, with many keen to buy property.

More than half of all Germans are content with their present financial situation, according to a survey released by the German Savings Banks' Association (DSGV) on Tuesday.

The association sampled opinions of 2,000 Germans between July and August this year to find that 57 percent described their financial situation as "good" or even "very good." The figure showed a marked improvement over 2005 when about 40 percent of those polled were equally as content.

A small minority, just nine percent of Germans, said they were faring badly financially.

In addition, more Germans were able to set money aside, DSGV President Georg Fahrenschon told a news conference in Berlin, as available household income in the first half of 2012 had risen 2.8 percent.

"Many people are looking for financial safety and think they can find it in privately-owned housing," Fahrenschon said, noting that 30 percent of Germans considered buying a piece of real estate in the near term.

However, the most preferred form of investment in Germany remained the ordinary savings book, the survey found. Quick and easy access to the money was considered more important by German savers than a better return on the investment.

Surprisingly, the study found that a huge majority of four out of five Germans were looking confidently into the future, despite the eurozone debt crisis and sluggish growth in Germany. Workers expected to earn the same income or even more over the next few years.

uhe/rc (Reuters, dpa)