Is Germany really the poorest eurozone country?

Not really, no.

Last week, a study released by the European Central Bank showed that the median net wealth of German households was the lowest in the eurozone – with the median Italian and Spanish households being nearly four times richer.

The study sparked a debate over how far apparently poor taxpayers in Northern Europe should have to support the bailouts of the "wealthy" Southern European, but a response this week from the double-team of Paul De Grauwe and Yuemei Ji highlights the other side to the initially reported data.

The Wall Street Journal was typical in its reporting of the paper, with Brian Blackstone and Nina Koeppen writing:

[T]he report offers a reminder that citizens in some of the countries hardest-hit by Europe's debt crisis aren't as bad off as many believe.

The question of how much taxpayer money should be put up to bail out governments in Greece, Cyprus and Portugal tops the political agenda in Germany, Europe's biggest economy and financial backer…

By one ECB measure of typical households, Germany is the poorest country in the euro bloc, behind even Slovakia and Portugal. A number of factors appear to have skewed the results, such as the emphasis on homeownership, household size and small-business ownership that favors countries in Southern Europe.

But de Grauwe and Ji argue that the rest of the data in the paper presents a different picture. Compare and contrast the distributions for the ten biggest Eurozone countries when the mean and median household wealth is examined:

Figure 1. Net wealth of median households (1000€)

Figure 2. Mean household net wealth (1000€)

Germany is roughly middling when it comes to mean household wealth, suggesting a massive inequality of household wealth in the country. Indeed, of all the counties de Grauwe and Ji look at, Germany has the largest discrepancy between mean and median household wealth – the latter is almost a quarter the former.

They write:

Put differently, there is a lot of household wealth in Germany but this is to be found mostly in the top of the wealth distribution.

That's partially because Germany itself is a relatively unequal society, but also due to the lack of widespread homeownership. As a result, poorer German households spend the same amount on housing as in comparable countries, but don't come out of it owning a house.

Germany also has a different distribution of wealth within the country's total capital stock to many other nations. Far more wealth in Germany is held by corporations and the government, meaning that citizens appear poor on official statistics even as the nation itself is wealthy:

Figure 6. Total capital stock per capita (euro)

What this really tells us isn't the merits or otherwise of distributing wealth from Germany to the European south. That's a question which can only be answered by asking what the value of keeping the euro alive is, and whether there's any way it can survive without a transfer of some sort. But it does tell us where, within the Northern countries, the money to do that lies. It's not with the "normal German", who holds surprisingly few assets – instead, it's with wealthy Germans, and, overwhelmingly, the governments and corporations of Northern Europe.

There is the money to save the south, in other words, but there might not be the will to take it from where it needs to come from.

Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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“I felt very lonely”: addressing the untold story of isolation among young mothers

With one in five young mothers lonely “all the time”, it’s time for employers and services to step up.

“Despite having my child with me all the time, I felt very lonely,” says Laura Davies. A member of an advisory panel for the Young Women’s Trust, she had her son age 20. Now, with a new report suggesting that one in five young mums “feels lonely all the time”, she’s sharing her story.

Polling commissioned by the Young Women’s Trust has highlighted the isolation that young motherhood can bring. Of course, getting out and about the same as you did before is never easy once there’s a young child in the picture. For young mothers, however, the situation can be particularly difficult.

According to the report, over a quarter of young mothers leave the house just once a week or less, with some leaving just once a month.

Aside from all the usual challenges – like wrestling a colicky infant into their jacket, or pumping milk for the trip with one hand while making sure no-one is crawling into anything dangerous with the other – young mothers are more likely to suffer from a lack of support network, or to lack the confidence to approach mother-baby groups and other organisations designed to help. In fact, some 68 per cent of young mothers said they had felt unwelcome in a parent and toddler group.

Davies paints what research suggests is a common picture.

“Motherhood had alienated me from my past. While all my friends were off forging a future for themselves, I was under a mountain of baby clothes trying to navigate my new life. Our schedules were different and it became hard to find the time.”

“No one ever tells you that when you have a child you will feel an overwhelming sense of love that you cannot describe, but also an overwhelming sense of loneliness when you realise that your life won’t be the same again.

More than half of 16 to 24-year-olds surveyed said that they felt lonelier since becoming a mother, with more than two-thirds saying they had fewer friends than before. Yet making new friends can be hard, too, especially given the judgement young mothers can face. In fact, 73 per cent of young mothers polled said they’d experienced rudeness or unpleasant behaviour when out with their children in public.

As Davies puts it, “Trying to find mum friends when your self-confidence is at rock bottom is daunting. I found it easier to reach out for support online than meet people face to face. Knowing they couldn’t judge me on my age gave me comfort.”

While online support can help, however, loneliness can still become a problem without friends to visit or a workplace to go to. Many young mothers said they would be pleased to go back to work – and would prefer to earn money rather than rely on benefits. After all, typing some invoices, or getting back on the tills, doesn’t just mean a paycheck – it’s also a change to speak to someone old enough to understand the words “type”, “invoice” and “till”.

As Young Women’s Trust chief executive Dr Carole Easton explains, “More support is needed for young mothers who want to work. This could include mentoring to help ease women’s move back into education or employment.”

But mothers going back to work don’t only have to grapple with childcare arrangements, time management and their own self-confidence – they also have to negotiate with employers. Although the 2003 Employment Act introduced the right for parents of young children to apply to work flexibly, there is no obligation for their employer to agree. (Even though 83 per cent of women surveyed by the Young Women’s Trust said flexible hours would help them find secure work, 26 per cent said they had had a request turned down.)

Dr Easton concludes: “The report recommends access to affordable childcare, better support for young women at job centres and advertising jobs on a flexible, part-time or job share basis by default.”

Stephanie Boland is digital assistant at the New Statesman. She tweets at @stephanieboland