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Thank you Germany: Part 051: Frugality is a German virtue


An important characteristic of the Germans is their thriftiness. This virtue is supported by many institutions in the country. From piggy banks to building savings contracts, via the targeted planning of a house construction or the leasing of a car, there are the right options everywhere for a well-financed purchase in which no one overstretches themselves. Small as well as large projects can be financed in a targeted manner. And there is less financing with which people find themselves in misfortune.

The quality of savings also makes itself felt economically. It ensures that many people save specifically for large projects. Many Germans know exactly how to organise their budget so that they can fulfil an important wish in the near or distant future. Even big dreams such as building their own house with a beautiful garden are fulfilled in this way. As an economic partner, companies from Germany offer reliable cooperation. In this cooperation, one can be sure that the cost calculation is always correct. This is appreciated by many companies worldwide.

In other countries, people often calculate with too much risk or spend too much money in everyday life. Spending money and enjoying life is also possible in Germany, but slightly fewer people go into debt to do so. The special experience in saving contributes to the general stability of the economy and improves the quality of life and future planning of the individual. Saving is often taught to children in Germany. With the good German piggy bank or a precise planning of pocket money, children learn to deal with money on their own responsibility. In this way, important economic skills are taught.

As adults, people therefore plan specifically for certain projects. Even some future investments are organised very precisely. The ability to save helps Germans and is very present in everyday life. Many supermarket chains cater to the preference for saving with special offers or promotion weeks. Sifting through these and targeting the best bargain at the right time and place is one of the most popular hobbies in the country. There are probably few other countries where the majority of the population is so good at saving money.

The rock-solid investment in one’s own savings account as well as a long-term investment in the stock market are equally among the investment options on the German financial market. For the Germans’ personal ability to save, you simply have to love the country and its people. Here, people do not save doggedly at the wrong end, but where it makes sense.

Last updated on 6. February 2023

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