Young Germans ‘happy to be bourgeois’

Young Germans 'happy to be bourgeois'
Photo: DPA
Young Germans are happy to save money for the future rather than spend it on frivolous pursuits in the here and now, as concerns about the country’s economy grow.

Many genuinely want the clichéd own home with a garden, a sociology professor said on Monday, adding that people between the ages of 17 and 27 were becoming increasingly worried about the future.

“For the majority of young people, it is no longer a term of abuse when one says, ‘You’re bourgeois’,” said Klaus Hurrelmann, professor at the Hertie School of Governance in Berlin.

“Young people increasingly value financial security, even though they are not necessarily more conservative politically,” he told Die Welt.

Yet they are also ignorant of how financial products work, and what is available, he said, appealing for greater education about money and finances. He said young people must be able to take a view on different forms of retirement plans.

Germans are generally saving more money in these uncertain financial times, the Bundesbank said on Monday. The amount of money stashed away in private hands has increased to a record €4,811 billion over the second quarter of the year, it said.

This was an increase of 0.2 percent on the previous quarter. The relatively small climb was due to losses on the capital markets, the Bundesbank said.

The Local/DPA/hc

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