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Saving in times of crisis. A survey study from Germany and the United States

Author

Listed:
  • Anja Bauer

    (Nürnberg Institut für Marktentscheidungen)

  • Rolf Bürkl

    (Nürnberg Institut für Marktentscheidungen)

  • Katharina Gangl

    (Nürnberg Institut für Marktentscheidungen)

Abstract

The current research report examines the motivational reasons for the high saving intentions in late 2025, a time of multiple crises. Inflation attitudes and pessimism are discussed in the literature and in public as two possible causes of high saving intentions. However, empirical evidence is scarce. In the present study, we exam-ine attitudes towards inflation and pessimism based on online surveys conducted in Germany (N = 3,032) and the United States (N = 3,006). These two countries differ sharply in both the extent and quality of saving. The results show that in both countries, existing savings are an important factor, such that individuals with existing savings report higher saving intentions than those without. In Germany, in addition, existing savings drive sav-ing intentions based on individuals’ motive to protect their wealth from inflation. Other motives to save include saving for retirement (Germany) and the perception that policies to fight inflation are unfair (U.S.). Thus, in both countries, inflation-related attitudes are more important for saving than pessimism. We end this research report with a discussion of policy measures that might support citizens in realizing their saving intentions not only via saving in a bank account but also via investments, which potentially yield higher personal profits.

Suggested Citation

  • Anja Bauer & Rolf Bürkl & Katharina Gangl, 2025. "Saving in times of crisis. A survey study from Germany and the United States," NIM Report report-003, Nürnberg Institut für Marktentscheidungen e.V..
    • Handle: RePEc:eoh:report:report-003
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    References listed on IDEAS

    as
    1. Annamaria Lusardi & Daniel Schneider & Peter Tufano, 2011. "Financially Fragile Households: Evidence and Implications," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(1 (Spring), pages 83-150.
    2. Annamaria Lusardi, 2008. "Financial Literacy: An Essential Tool for Informed Consumer Choice?," NFI Working Papers 2008-WP-13, Indiana State University, Scott College of Business, Networks Financial Institute.
    3. Scott R. Baker & Nicholas Bloom & Steven J. Davis, 2016. "Measuring Economic Policy Uncertainty," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 131(4), pages 1593-1636.
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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E39 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Other

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