Thrift and a passion for saving are considered a national virtue in Germany
The History of a Virtue
Yes, indeed a virtue. Because along with honesty, modesty, diligence, directness, a striving for justice and order, it is precisely the ability to leave part of one's income unspent (in other words, the ability to suppress momentary desires and avoid unplanned expenses, caring for the future and not just the present) that is considered a German virtue.
This trait of the national character, formed over centuries and having a direct impact on the macroeconomics and geopolitics of modern Europe, is the cause of no small number of conflicts between EU member states – precisely because of Germany's (the 'locomotive of the European economy') striving not to spend more than it has. Perhaps that is why visitors to the exhibition are greeted by a huge cover of the British magazine The Economist with the words 'The German Problem.' The creators of this exhibition tried to get to the roots of this problem.
All sorts of ancient piggy banks, savings books from various years, advertising posters of German savings banks – as Deutsche Welle notes, saving is considered a solid part of German culture. Despite virtually zero interest rates on deposits, the average German saves between 9 and 12 percent of their income each month – twice as much as the average American. And it is even harder to compare Germans with residents of Russia, since two-thirds of Russians have no savings at all (according to a sociological survey published in autumn 2017).
Self-Restraint as a Cause for Debate
The German tendency toward saving and self-restraint provokes not only smiles but also a fair amount of criticism from abroad, since Germany's foreign trade surplus has reached such proportions that experts speak of an imbalance – Germans sell much more abroad than they buy there.
The general partner of the exhibition is – surprise! – the municipal savings bank of Berlin. 'Our exhibition tries to bring a historical aspect to the macroeconomic debate and find out how the striving for saving became a trait of the national character that we are so proud of,' said the director of the German Historical Museum, Raphael Gross, at the opening of the exhibition. Living within one's means or living on credit – economists' debates around this issue do not subside.
The German inclination toward saving has its roots in the late Enlightenment and Protestant ethics – financial planning became a symbol of the individual's responsible attitude toward possible twists of fate. The first German savings bank was opened in 1778 in Hamburg.
With Germany's entry into the era of industrialization, a political aspect was added to these considerations – savings were considered the best vaccination against revolutionary sentiments, since those who have something to lose will think twice before going to the barricades. It is no coincidence that the German industrialist Alfred Krupp was one of the first to establish a corporate savings bank for workers at his factory.
Later, the National Socialists made saving part of state ideology, with a good dose of anti-Semitism – the 'speculative capital of Jewish bankers' was contrasted with the savings of German workers, 'earned through honest labor.' At the same time, the military industry of the 'Third Reich' found a stable source of loans – the savings deposits of the population.
Save Automatically
Money loves silence – and exhibitions about money do too. All sorts of piggy banks (including in the form of hand grenades), savings books, posters – silent illustrations of the unshakable faith of German citizens in the stability of their financial and political system, despite two world wars and hyperinflation in the early 1920s.
A street machine of Deutsche Bank for accepting savings deposits – one of the most original exhibits of the exhibition 'Saving – The History of a German Virtue.' 'Save automatically – money and time,' reads the inscription on this wonder of German industry and financial services.
The iron box, slightly larger than a mailbox, was supposed to help citizens of West Germany after World War II to put aside money for a rainy day. All one had to do was fill out a special card, drop a coin into the machine, take a stamp from the machine, stick it on the card, and drop it back into the same machine.
At the exit of the exhibition, in a miniature cinema, videos are shown in which a variety of people comment on the German passion for saving and thrift.
A French journalist living in Germany says with a smile that the German language has no verb analogous to the French 'flamber' (to flambé), describing the process of pouring alcohol over a dish during cooking and setting it alight. She compares this with the ability of the French to occasionally commit thoughtless acts, give in to passions and ignite, spending money according to mood. 'Germans do not ignite,' she says.
But, oddly enough, according to statistics, the French save for a rainy day almost as much as the Germans. And the average German puts about 180 euros per month into a savings account.