Many Germans borrow money to cover their everyday expenses, according to a survey commissioned by the British bank "Barclays", DPA reported, BTA reported.
More than half of adults under the age of 50 have borrowed money in the past two years. Most turned to family members (44%), while some borrowed from banks (40%).
In addition to car-related expenses (27%), those surveyed said they had also borrowed money for everyday needs such as food (26.6%) and general consumption, including clothing (21.4%). Around 18% have borrowed money "to treat themselves".
Younger adults are more likely to borrow money. Over 60% of respondents aged 18 to 29 said they had borrowed money, with over a third of them specifying that the money was for basic expenses. In the 30 to 39 age group, 31.6% of respondents said that the main reason for borrowing was to cover their daily expenses.
Nearly half of those who borrowed borrowed less than a thousand euros. A quarter of those surveyed said they had borrowed amounts of more than a thousand euros to 5,000 euros. Overall, almost one in three (31.9%) expects to need to borrow money in the next two years. The survey surveyed more than 10,000 adults across Germany. It was carried out in July and August.