Although inflation has eroded purchasing power in Germany for months, around a quarter of the country’s population does not know exactly what inflation means, according to the results of a representative survey conducted for the Federal Association of German Banks (BDP).
The results published today in Frankfurt on Saturday showed that 45% of the age group between 16 and 24 said they did not know what the word “inflation” means, while 23% of people in this age group did not. was able to mention the current inflation rate in Germany, even approximately.
Interestingly, high energy and food prices have been causing a significant increase in the cost of living in Germany for months.
And data from the Federal Statistical Office recently reported that the inflation rate last August increased by 7.9 percent compared to the same month in 2021.
Economists expect double-digit inflation in the coming months.
The vast majority of respondents (82%) expressed their support for attaching great importance to teaching economic relations in schools, and this includes educating students on how to manage money and introduce them to economic systems and the possibilities of planning retirement and the possibilities to invest money.
Many of the respondents said they did not understand anything about ETFs, investment funds and the like. More than half of the respondents (54%) admitted that they know nothing about what is happening on the stock exchange.
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