A study by CRIF reveals that Germans are accumulating personal debt nearly twice the European average, contradicting stereotypes of thriftiness. Economic anxiety is prevalent, with eight out of ten Germans concerned about their financial future, more than in other surveyed countries. The study reports that 24% of respondents doubt their bill payment ability, 31% anticipate a deteriorating financial situation, and 32% are spending more on housing costs. This financial insecurity has compelled 59% of Germans to adopt frugal spending habits over the past year.
"Eight out of ten people in Germany are worried about their financial future," said CRIF Germany Managing Director Frank Schlein. He added, "This concern...has reached deep into the middle of society."
According to the report; 24 percent of German respondents doubt their ability to pay bills on time, 31 percent fear their financial situation will deteriorate in the coming year, 32 percent say they're spending more on rent or home financing than five years ago, and 59 percent have become more frugal in the past twelve months, cutting back on expenses wherever possible.
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