Many people already don't know whether they can pay bills on time.

According to a survey, concerns about one's own finances are particularly pronounced in Germany compared to other European countries. In the survey conducted by the information service provider Crif in five European countries, the 1,000 participants in Germany expressed the least confidence regarding the next twelve months. A total of 6,000 consumers in Germany, France, Italy, Poland, and the United Kingdom were surveyed.

"Concern about one's own financial future has reached deep into the mainstream of society," says Crif Germany Managing Director Frank Schlein, summarizing the German results of the March survey. "Eight out of ten people in Germany are concerned about their financial future – that's a clear warning signal."

About a quarter (24 percent) of the 1,000 respondents in Germany already have doubts about their ability to pay their bills on time. Nearly a third (31 percent) fear a further deterioration in their financial situation.

Crif cites the increasing burden of rising prices as the reason for the growing pessimism: For example, 32 percent of respondents stated they have to spend more on rent or mortgages than they did five years ago. About a third of respondents also reported having to dig deeper into their pockets for insurance and gas stations. Household costs have increased for 44 percent of respondents in Germany.

The majority of consumers are therefore forced to reduce their spending. 59 percent of respondents in Germany stated that they have become more frugal in the past twelve months.