The second representative investment survey conducted by Commerzbank reveals a persistent imbalance in household financial behavior in Germany: while 72% of respondents save regularly, only 40% of savers allocate funds to securities. Notably, Generation Z stands out with a higher propensity to invest.

Based on a survey of more than 3,200 individuals across Germany, conducted by Ipsos, the study examines saving and investment behavior across demographic segments, including Baby Boomers (1946–1964), Generation X (1965–1980), Millennials (1981–1996), and Generation Z (1997–2007). It also incorporates variables such as income levels, family status, gender, education, and living conditions.

Savings Remain Strong, but Capital Allocation Lags

Despite ongoing economic concerns, nearly three-quarters of Germans continue to save monthly, with the proportion rising slightly from 70% to 72% over the past two years. However, almost one-third still report an inability to save, primarily due to limited disposable income.

Among those who do save, low-yield instruments—such as savings accounts, fixed-term deposits, and traditional passbooks—remain the dominant choice. Higher-return asset classes, including securities, continue to play a secondary role.

Thomas Schaufler, Board Member for Private and Business Customers at Commerzbank, commented:

“Households in Germany hold substantial wealth, yet a significant portion of it remains idle rather than generating returns. Especially in the context of retirement planning, it is increasingly important to allocate liquidity more strategically and leverage capital market opportunities.”

ETFs Gain Momentum Across Generations

Encouragingly, participation in capital markets has increased. Around 40% of savers now invest in securities or maintain investment savings plans, up from 35% two years ago.

Equities remain the most widely held asset class (58%), while exchange-traded funds (ETFs) have seen notable growth in popularity, rising from 40% to 50%.

Generational differences remain pronounced:

• Baby Boomers: 33% invest in securities
• Generation X: 38%
• Millennials: 44%
• Generation Z: 48%

Among younger investors, ETFs and exchange-traded commodities (ETCs) are particularly favored (55%), followed by equities (50%) and cryptocurrencies (32%).

Digital-Native Investors Reshape Information Flows

Generation Z also demonstrates a stronger engagement with financial education. Approximately 40% of young investors spend one to two hours per week on investment-related topics, compared with less than 30 minutes among older cohorts.

While traditional media and financial advisors remain primary sources for older generations, younger individuals rely more heavily on digital channels, including social media, peer networks, and online platforms.

Furthermore, 64% of Generation Z respondents report that technological advancements have directly influenced their saving and investment behavior. Investing is no longer perceived as complex or exclusive, but as accessible and increasingly intuitive.

Bridging the Knowledge Gap

The study reiterates a structural issue: overall financial literacy remains insufficient, although Generation Z demonstrates comparatively higher awareness.

Gender disparities also persist. Women report lower familiarity with financial products than men. Only 14% of women spend more than one hour per week on investment activities, compared to 36% of men.

Policy initiatives—such as the proposed early-start pension scheme and retirement savings accounts—may help stimulate broader engagement. Nearly two-thirds of respondents consider such measures important, and 60% indicate willingness to contribute personally, typically less than €50 per month.

Schaufler concludes:

“Generation Z recognizes that inaction is not an option. They are taking ownership of their financial future. As a bank, we remain committed to strengthening financial awareness and supporting the transition from savers to informed investors.”