Foreign Language Press Service

The Germans Are the Most Frugal

Illinois Staats-Zeitung, February 28, 1890

An official of one of the local savings banks submitted some interesting statistical figures, several days ago, which are herewith appended. Savings banks have been founded for the purpose of giving the poorer classes of the population an opportunity to obtain a safe depository for their funds. Of all the nationalities which comprise our regular customers, the Germans are represented by the largest number. Young Germans, who have only a small income, know how to save and bring these small sums consistently to our banks. Aside from this, they excel other nationalities by the fact, that almost all who have business relations with us, are able to read and write. There are German servant girls here, who often save $2,000 and more from their meager wages; they accomplish this in a few years.

2

The Germans also make the largest deposits. A young German brings not less than $20 or $25 to the bank but if he is in business, then his deposits are $200 at the least and they are very often much larger. Next to the Germans, I would consider the descendants of the Irish, hence, the Irish-Americans, as very frugal.....The average age, when men form the saving habit, is the 25th year, but especially amongst the Germans, this inclination very often manifests itself when they are much younger.

FLPS index card