Because of inflation: Many people make cutbacks in their standard of living

According to a survey, a third of Germans will have to supplement their income with part-time jobs because of the extremely high prices.

Because of inflation: Many people make cutbacks in their standard of living

According to a survey, a third of Germans will have to supplement their income with part-time jobs because of the extremely high prices.

This was the result of a survey by the credit agency Crif, published on Friday, which was carried out in July - i.e. before the general rate of inflation in Germany exceeded the ten percent mark. In the group of those under 55, about every second person thinks it is likely that extra income will be necessary to improve their personal financial situation.

Many want to save on these products

Above all, the prices for energy and food have increased extremely in the past few months. According to preliminary official information, consumer prices in Germany in October were 10.4 percent above the level of the same month last year. This is the highest value for about 70 years. High inflation rates reduce the purchasing power of consumers because they can then afford less for one euro.

At the time of the Crif survey, the vast majority of the 1,000 adults surveyed in Germany said they were confident that they would be able to service current bills (82 percent) and, for example, rent payments (92 percent) in the future. But as early as the summer, a third of people (33 percent) feared that their standard of living would deteriorate over the next twelve months.

According to the survey, two-thirds (65 percent) of those surveyed not only consider it likely to save on non-essential things such as streaming subscriptions or food deliveries. The same proportion of Germans also assume that they will have to cut corners when it comes to weekly shopping or spending on cars and water consumption. Four in ten respondents (41 percent) said they are likely to use their savings to cover everyday expenses.

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