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Europe's Easy-Money Policy Snubs German Savers
Keywords:
Der Deutsche Sparer- German savers and low interest rates of 0.25% in Germany
03/03/2012
Only about 9.4 million Germans own stocks and mutual funds. German savings are much higher than int the U.S.- about 10% compared to 5%. The low interest rates and conservative approach of workers and middle class in avoiding equity investments especially after the 2008-2009 financial crisis means that their savings are falling behind inflation and declining in value. Media reports in Bild and Der Spiegel are critical of this transfer of wealth from workers and the middle class to upper income Germans. Increase in stock and mutual fund investments by Germans are still only about 5%, with a 5% decline in savings deposits, meaning workers and middle class still are risk averse to equities.
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A quick look at the graphs for the increase in low wage jobs and the reduction in the number of people classified as jobless in Germany for 1999- 2010 shows a disturbing trend beneath the good numbers- a significant part of the increase in jobs is made up of low wage jobs. In the beginning the minijobs and tax free income for upto 450 euros a month earned on a minijob was designed to be a ladder to full time jobs, but this is now clearly not the case as most offer no future prospects for full time work. Many of these workers are women in retail, restaurant and other parttime work and leads to further dependency and dead end status for them.
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Inflation in Germany- 2011-2014
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New York Times 09/25/2011
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