Germans accumulate 182 billion euros during quarantine

Residents of Germany collected 182 billion euros from January 2020 to January 2021 in the wake of the coronavirus pandemic, Report mentions, referring to Deutsche Welle.

According to the German Federal Bank, in total, the amount of money in private bank accounts reached 1.73 trillion euros.

The IFO Institute for Economic Research estimates that this means a “savings surplus” of around 100 billion euros, and this figure will increase further in the first quarter of 2021.

At the same time, financial experts noted that during the pandemic, the amount of loans to consumers, including overdrafts, decreased.

According to Christian Nau, editor-in-chief of the German website Check24, which compares prices, consumers are spending less money due to restrictions during the pandemic, and banks are wary of whom to lend to during difficult financial times.