The first Geldchen study: two paths to stability
This page is a translation; the original is in Russian at https://geldchen.com/research/money-after-moving-results/
Hi, my name is Maxim, I am a co-author (+AI) of Geldchen, a wiki about personal finance in Germany.
We have already collected many articles on the main financial topics, but since we had no information about which topics usually raise questions, we ran a survey and spread it through Russian-speaking Telegram channels.
Below are the main results: how financially resilient the people in the surveyed sample are, their level of savings and income, and which difficult questions they have had to face.
The study is not academic, it was made to work out where the site's future articles and product development should go, but I think some of the relationships we found are quite universal.
I hope you find something new for yourself in the results, or an answer to a long-standing question.
Thank you, Maxim - [email protected]
Key points:
- On common metrics, 75% of respondents are in a stable financial position - exactly the level for Germany in the OECD study.
- Half of the households (the approximate median) have a net income of €5,000 or more. That is roughly the German median for families with children, and about two average Berlin households.
- The most visible marker: people with a cash reserve of three months of essential costs or more reported a high level of financial anxiety three times less often than those without such a reserve.
- Housing (buying or renting) - the most mentioned topic among the difficult questions.
An attempt at interpretation (two key groups):
Stability and instability are linked to income, to the reserve and, presumably, to the level of spending (housing first of all).
Being in the "stable" group does not guarantee happiness: income groups did not improve overall satisfaction.
- Short-term financial stability is obvious for many respondents. Most have been in Germany three years or more, with work at the same level as before moving or higher, with the same or a higher income, and with a cash reserve.
- On the other hand, if you line up the relative income group before moving - big-city residents, higher education, foreign languages, steady work (two incomes in the family) - you can assume that a significant part of the group moved from the top 10% of income to the 50–60% range inside the country. Probably for many the income and the standard of living themselves did not fall, but the comparative income class (high → middle) changed how that standard of living feels.
What correlated with instability: the group with lower household income is more often made up of recent arrivals (0–3 years), with work at a lower level or in a different direction.
Partly this is a temporary effect, and at the same time a direct answer about the importance of activating a career (getting back to the previous level) and/or activating a partner.
Both groups marked housing as question no. 1 - probably from different sides. For some it is a large (often the largest) expense item and part of the "essential budget" - for people who moved very recently, with a relatively low income. For others it is part of one class of tasks, "Investing", together with questions of long-term finance (pensions) and financial products.
To close the general part of the results: we saw no unexpected discoveries.
The sample produced one clear number - 75%, the share who can cover an unexpected €1,000 expense, with work at their previous level and a cash reserve of three months or more. This is true only for them, not for the Russian-speaking population of Germany as a whole. Their interests lie in strengthening their position - investing, a home of their own, pension.
On the other hand, the share of those with a high level of almost daily financial stress is also significant - around 25%; probably the question of long-term work and building a basic reserve is still open.
Their interests are spread wider, but noticeably include insurance, essential costs and still housing in first place, apparently as the main expense. This is about the road to stabilisation, not about being there.
And on to the overview of the study.
1. Who the majority are
Under 45, up to five years in Germany, income around €5,000, work as the reason for moving.
They kept their level of work and plan to stay in Germany.
Who answered: shares of all 118 respondents on six questions. The solid colour marks the largest group in each panel.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Age: 18–24 | 5 | 4% | 2–10 |
| Age: 25–34 | 42 | 36% | 28–45 |
| Age: 35–44 | 49 | 42% | 33–51 |
| Age: 45–54 | 22 | 19% | 13–27 |
| Time in Germany: Under a year | 7 | 6% | 3–12 |
| Time in Germany: 1–2 years | 29 | 25% | 18–33 |
| Time in Germany: 3–5 years | 50 | 42% | 34–51 |
| Time in Germany: 6–10 years | 21 | 18% | 12–26 |
| Time in Germany: Over 10 years | 11 | 9% | 5–16 |
| Main reason for moving: Work or business | 53 | 45% | 36–54 |
| Main reason for moving: Safety or war | 34 | 29% | 21–38 |
| Main reason for moving: Study | 11 | 9% | 5–16 |
| Main reason for moving: Other | 10 | 8% | 5–15 |
| Main reason for moving: Resettlement programmes | 6 | 5% | 2–11 |
| Main reason for moving: Partner or family | 4 | 3% | 1–8 |
| Household net income per month: Under €2,000 | 9 | 8% | 4–14 |
| Household net income per month: €2,000–3,499 | 18 | 15% | 10–23 |
| Household net income per month: €3,500–4,999 | 27 | 23% | 16–31 |
| Household net income per month: €5,000–7,499 | 37 | 31% | 24–40 |
| Household net income per month: €7,500 or more | 15 | 13% | 8–20 |
| Household net income per month: Income varies a lot | 5 | 4% | 2–10 |
| Household net income per month: Prefer not to say | 7 | 6% | 3–12 |
| Work compared with before moving: Similar field, same level | 51 | 43% | 35–52 |
| Work compared with before moving: Similar field, higher level | 23 | 19% | 13–28 |
| Work compared with before moving: Similar field, lower level | 15 | 13% | 8–20 |
| Work compared with before moving: Studying or retraining | 8 | 7% | 3–13 |
| Work compared with before moving: Not working now | 7 | 6% | 3–12 |
| Work compared with before moving: Had not worked before | 5 | 4% | 2–10 |
| Work compared with before moving: Different field, by choice | 4 | 3% | 1–8 |
| Work compared with before moving: Different field, forced | 4 | 3% | 1–8 |
| Work compared with before moving: Prefer not to say | 1 | 1% | 0–5 |
| Plans for the next 3–5 years: Stay in Germany | 91 | 77% | 69–84 |
| Plans for the next 3–5 years: Do not know yet | 14 | 12% | 7–19 |
| Plans for the next 3–5 years: Move to another country | 12 | 10% | 6–17 |
| Plans for the next 3–5 years: Return to previous country | 1 | 1% | 0–5 |
2. Median income - average or above the all-German level
Overall, the surveyed group earns (after 3–5 years in the country) the same or more than an average family.
The survey cannot say whether this is good: have people adapted economically, or are highly qualified specialists earning "average"?
Survey income bands as shares of those who answered, then on a euro scale next to four reference figures for Germany and Berlin.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Under €2,000 | 9 | 8% | 5–15 |
| €2,000–3,499 | 18 | 17% | 11–25 |
| €3,500–4,999 | 27 | 25% | 18–35 |
| €5,000–7,499 | 37 | 35% | 27–44 |
| €7,500+ | 15 | 14% | 9–22 |
| Reference: Berlin, average household (Mikrozensus 2023) | €2,575 | ||
| Reference: Germany, couples without children (EU-SILC 2025) | €4,000 | ||
| Reference: Germany, median household (EU-SILC 2025) | €3,176 | ||
| Reference: Germany, couples with children (EU-SILC 2025) | €5,502 | ||
| Survey median (of the 106 who stated an income), at the band boundary | €5,000 |
3. Benchmarking: 75% cover their essential costs without trouble and have three months of reserve
25% of respondents would not cover three months of lost income. Again the German average level.
Three questions: the last three months, this month, and the reserve on hand. The base colour is the passing answer, the accent marks the shortfall.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Essential costs in the last three months: Never difficult | 100 | 85% | 77–90 |
| Essential costs in the last three months: Difficult at least once | 14 | 12% | 7–19 |
| Essential costs in the last three months: Do not know | 4 | 3% | 1–8 |
| An unexpected €1,000 expense this month: From cash or savings | 90 | 76% | 68–83 |
| An unexpected €1,000 expense this month: Other means: income, family, credit | 24 | 20% | 14–28 |
| An unexpected €1,000 expense this month: Could probably not pay | 4 | 3% | 1–8 |
| Reserve if income stopped today (114 answers): Three months or more | 86 | 75% | 67–82 |
| Reserve if income stopped today (114 answers): Under three months | 28 | 25% | 18–33 |
How long would savings last if income stopped today? The dashed line is the OECD/INFE three-month resilience threshold.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Under a month | 7 | 6% | 3–12 |
| 1–2 months | 21 | 18% | 12–27 |
| 3–5 months | 25 | 22% | 15–30 |
| 6–11 months | 21 | 18% | 12–27 |
| 12 months+ | 40 | 35% | 27–44 |
| Benchmark: adults in Germany, BaFin/OECD 2022 | 75% | ||
| Benchmark: OECD members, 2023 | 49% | ||
| Benchmark: 39 economies, OECD/INFE 2023 | 43% |
4. A cushion of three months of costs cuts answers about "daily worry" threefold
Stress and limits on daily life by size of reserve. The accent colour marks the group below each split.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Stress often or almost every day: Reserve under 3 months (n=28) | 15 | 54% | 36–70 |
| Stress often or almost every day: 3 months or more (n=84) | 14 | 17% | 10–26 |
| Stress at least sometimes: Reserve under 12 months (n=74) | 50 | 68% | 56–77 |
| Stress at least sometimes: 12 months or more (n=38) | 16 | 42% | 28–58 |
| Finances limit things that matter at least somewhat: Reserve under 12 months (n=71) | 51 | 72% | 60–81 |
| Finances limit things that matter at least somewhat: 12 months or more (n=40) | 16 | 40% | 26–55 |
5. Work in the same position - a big factor in building a reserve
Similar field at the same level or higher (71 people) against a change of field, a step down, studying or no work (37).
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Reserve under three months: Level kept (n=71) | 14 | 20% | 12–30 |
| Reserve under three months: Field or level changed (n=37) | 14 | 38% | 24–54 |
| Stress at least sometimes: Level kept (n=71) | 41 | 58% | 46–69 |
| Stress at least sometimes: Field or level changed (n=37) | 24 | 65% | 49–78 |
6. But a reserve by itself does not bring satisfaction
It closes off general dissatisfaction, but not the other way round.
Satisfaction with the household's finances by size of reserve, one panel per answer group.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Dissatisfied or very dissatisfied (split at 3 months): Reserve under 3 months (n=28) | 15 | 54% | 36–70 |
| Dissatisfied or very dissatisfied (split at 3 months): 3 months or more (n=86) | 25 | 29% | 21–39 |
| Neither satisfied nor dissatisfied (split at 12 months): Reserve under 12 months (n=74) | 11 | 15% | 9–25 |
| Neither satisfied nor dissatisfied (split at 12 months): 12 months or more (n=40) | 15 | 38% | 24–53 |
| Satisfied or very satisfied (three bands): Under 3 months (n=28) | 10 | 36% | 21–54 |
| Satisfied or very satisfied (three bands): 3–11 months (n=46) | 22 | 48% | 34–62 |
| Satisfied or very satisfied (three bands): 12 months or more (n=40) | 16 | 40% | 26–55 |
Obviously, the chance that a cushion has been built up is linked to income (work ↔ income ↔ reserve).
Is it income rather than reserve? Partly.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Stress often or almost every day, by household income: Income under €3,500 (n=27) | 14 | 52% | 34–69 |
| Stress often or almost every day, by household income: Income €3,500 or more (n=79) | 12 | 15% | 9–25 |
| Stress at least sometimes, households at €3,500 or more only: Reserve under 12 months (n=44) | 25 | 57% | 42–70 |
| Stress at least sometimes, households at €3,500 or more only: 12 months or more (n=34) | 14 | 41% | 26–58 |
7. On settling questions: "Buy or sell - where does the comma go?". Housing - pension - investing
Property and housing is the most popular difficult question. On the whole, that is expected: either the largest regular expense item or, at the same time, the biggest purchase in most people's lives. The topic clearly needs separate study and clearly draws a lot of interest: most of the notes in the open-ended field are also about housing and property.
Which money topics in Germany were hardest to decide with confidence (up to three).
Unstable group: income under €3,500 or reserve under three months.
Stable group: income of €3,500 or more and reserve of three months or more.
Data
| Category | n | Share | 95% interval |
|---|---|---|---|
| Housing: rent or buy | 62 | 53% | 44–61 |
| Investing | 50 | 42% | 34–51 |
| German pension claims | 42 | 36% | 28–45 |
| Payslip and taxes | 27 | 23% | 16–31 |
| Insurance | 26 | 22% | 16–30 |
| Spending and saving | 20 | 17% | 11–25 |
| Car: buying or leasing | 20 | 17% | 11–25 |
| Banking, credit or Schufa | 17 | 14% | 9–22 |
| Benefits and public support | 9 | 8% | 4–14 |
| Supporting family abroad | 8 | 7% | 3–13 |
| Education, childcare, school | 6 | 5% | 2–11 |
| Foreign pension claims | 5 | 4% | 2–10 |
| Avoiding scams | 1 | 1% | 0–5 |
| None of these | 9 | 8% | 4–14 |
| Unstable group: Housing: rent or buy | 16 | 37% | 24–52 |
| Unstable group: Investing | 13 | 30% | 19–45 |
| Unstable group: German pension claims | 12 | 28% | 17–43 |
| Unstable group: Payslip and taxes | 7 | not shown (under 10) | |
| Unstable group: Insurance | 11 | 26% | 15–40 |
| Unstable group: Spending and saving | 11 | 26% | 15–40 |
| Unstable group: Car: buying or leasing | 5 | not shown (under 10) | |
| Unstable group: Banking, credit or Schufa | 9 | not shown (under 10) | |
| Unstable group: Benefits and public support | 5 | not shown (under 10) | |
| Unstable group: Supporting family abroad | 5 | not shown (under 10) | |
| Unstable group: None of these | 6 | not shown (under 10) | |
| Stable group: Housing: rent or buy | 38 | 60% | 48–71 |
| Stable group: Investing | 31 | 49% | 37–61 |
| Stable group: German pension claims | 24 | 38% | 27–50 |
| Stable group: Payslip and taxes | 17 | 27% | 18–39 |
| Stable group: Insurance | 13 | 21% | 12–32 |
| Stable group: Spending and saving | 8 | not shown (under 10) | |
| Stable group: Car: buying or leasing | 12 | 19% | 11–30 |
| Stable group: Banking, credit or Schufa | 7 | not shown (under 10) | |
| Stable group: Benefits and public support | 4 | not shown (under 10) | |
| Stable group: Supporting family abroad | 2 | not shown (under 10) | |
| Stable group: None of these | 2 | not shown (under 10) | |
| Unstable group, at least one of: Housing, investing or pension | 26 | 60% | 46–74 |
| Unstable group, at least one of: Benefits, essentials or credit | 19 | 44% | 30–59 |
| Unstable group, at least one of: Payslip/taxes or insurance | 16 | 37% | 24–52 |
| Stable group, at least one of: Housing, investing or pension | 56 | 89% | 79–95 |
| Stable group, at least one of: Benefits, essentials or credit | 18 | 29% | 19–41 |
| Stable group, at least one of: Payslip/taxes or insurance | 26 | 41% | 30–54 |
8. What this might mean for the subject of financial literacy
On the whole, the money question is not very "difficult": it is about the balance of two numbers, income and spending.
As benchmarking, we would rate the level of stability of the respondents in Germany positively. Earning at the level of people who have lived in the country all their lives is no small achievement: the barriers of language, market, laws and contacts do have an effect, but the figures say the surveyed sample is quite resilient. What the survey results "could have been" stays outside the scope of the study.
One of the telling results is also quite predictable: a financial cushion of three months of essential costs seriously reduces daily stress. However - and this should be studied further - the share of people with 12+ months of savings is not necessarily optimal. We do not know the spread, or which instruments hold these savings, but judging by the open comments, there is high anxiety about opening and closing accounts at banks and brokers, and the question of sanctions. Probably this pushes people to keep money in low-interest accounts and in cash, that is, not in instruments of long-term accumulation but rather of preservation.
It is hard to turn this simple recipe into advice: there can be many objective reasons why this level is out of reach. But if this "fact" lets someone assess their resources and shift the spending-to-income balance a little to build that cushion, for us that would be the best outcome. Here the simplest but important idea among the geldchen articles is "Pay-yourself-first".
But this "balance" is not the main thing either. People on higher financial rungs face other questions: not about next week but maybe about years or decades. They clearly cause less stress, but no less uncertainty about what to do. The topic of investing cannot be covered by one definition, but something that can be simple and still not obvious is human capital.
9. Method and limits
- Instrument. An anonymous Google form in Russian, about ten minutes, from 1 August to 1 September 2026. Name, email address and other identifiers were not collected.
- Sample. 118 answers from geldchen's own channels; not a probability sample; Berlin dominates; nobody is over 54; skewed towards higher income and a recent move.
- Analysis. Descriptive only. Cross-tables were fixed before the distributions were viewed; two splits chosen later (limits under/from 12 months; the dissatisfied against the rest) are marked as exploratory. Cross-table cells with fewer than 10 people are not published. 95% Wilson intervals describe precision among respondents; Fisher tests are exploratory. "Do not know" and "prefer not to say" answers are shown in the distributions and excluded from the cross-tables.
- On the use of AI. The text of the analysis was written by the author by hand. Text editing, aggregated data analysis and the preparation of the figures were done with the help of AI models (Fable, Opus, Astra/Sol/Luna). The general geldchen disclaimer applies.
- What the survey does not say. Nothing here is causal or representative. Income and reserve cannot be separated. Household income is not adjusted for family size or the number of earners. The question about topics measures decision difficulty, not interest.
See also the study description and the privacy notice.
Sources
- OECD (2023), OECD/INFE 2023 International Survey of Adult Financial Literacy. Resilience question: "could cover living expenses for at least three months if they lost their main source of income" - 43% across participating countries, 49% across OECD countries (section 4). https://www.oecd.org/en/publications/oecd-infe-2023-international-survey-of-adult-financial-literacy_56003a32-en.html
- OECD (2024), Finanzbildung in Deutschland: Finanzielle Resilienz und finanzielles Wohlergehen. "25% could not cover living expenses for three months if they lost their main source of income" (BaFin survey, 2022). https://www.oecd.org/content/dam/oecd/de/publications/reports/2024/05/financial-literacy-in-germany_139ac105/c20b27ac-de.pdf
- Eurostat, EU-SILC, table
ilc_mdes04"Inability to face unexpected financial expenses", 2024: Germany 32.2%, EU-27 30.0%. https://ec.europa.eu/eurostat/databrowser/view/ilc_mdes04/default/table - Destatis, "Einkommen und Einkommensverteilung", median monthly net household income by household type, EU-SILC 2025 (2024 incomes). https://www.destatis.de/DE/Themen/Gesellschaft-Umwelt/Einkommen-Konsum-Lebensbedingungen/Lebensbedingungen-Armutsgefaehrdung/Tabellen/einkommen-einkommensarten-typ-2.html
- IBB, Wohnungsmarktbericht 2024: average net household income in Berlin €2,575 per month (Mikrozensus 2023). https://www.ibb.de/de/ueber-uns/publikationen/wohnungsmarktbericht/2024.html
- geldchen (2026), "Money After Moving to Germany", anonymous online survey, N = 118, 1 August – 1 September 2026. Aggregates and method described above.