Households - Singles often seek help from debt counseling
Single living people more frequently seek help at debt counseling than other population groups. More than half (51 Percent) of the consulting persons in the past year lived alone, as reported by the Federal Statistical Office. However, the share of single households in Germany is only 43.4 Percent according to the latest census. On average, singles were slightly less indebted than the overall population, with 29,738 Euro compared to 31,749 Euro.
Single men had an average debt of 31,792 Euro, which was 5,328 Euro more than that of women. Men also needed 28 net monthly income to pay off their debts, while women would be debt-free four months earlier based on this calculation.
Common causes of over-indebtedness include illnesses, addictions, or accidents. The loss of employment or separation from a partner or spouse also pushes not only singles into the red. Most frequently (57 Percent), people were in debt to public creditors such as the Employment Agency, Health Insurance, or Pension Insurance. In second place among creditors were telecommunications companies with 49 Percent. Debts to mail order companies were reported by 30 Percent of the consultants.
Statement of Over-indebtedness by Destatis 2023
In Wiesbaden, the city with the highest number of debt counseling consultations in Germany, singles accounted for a significant portion. The average debt among single women in Germany was significantly lower than that of single men, despite women being less indebted overall. Insolvencies among singles in Germany are not necessarily linked to higher population densities, as the data from debt counseling suggests. The insolvency rate among single households also varies across different regions in Germany. One-third of the consumers seeking debt counseling in Germany were single, highlighting the need for financial education and support for this population group. The latest statistics from the Federal Statistical Office show that the number of insolvencies among singles in Germany is increasing, indicating a growing financial struggle within this demographic.
