Germany's savings banks umbrella organization, DSGV, say 60% of German households are having to use up their entirely monthly earnings on the cost of living.
This would lead to people spending less on hospitality, tourism, shopping and other services, the association warned.
Moreover, the president of the DSGV, Helmut Schleweis, warned that businesses are facing existential threats through rising energy costs. The association called for a cap on electricity and gas prices.
The association called on businesses to use their capital to invest in renewable energies and guarantee long-term energy supply.
The German Association of Energy and Water Industries called on the government to help mid-sized businesses and utilities companies in danger of being swamped by energy bills.
"Government support to cushion the blow of the energy price crisis has so far been mainly targeted at private households. Now the government must also focus on medium-sized companies, as well as utilities," the president of the association, Marie-Luise Wolff, said.
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A single purchase
