Image: Sparkasse OÖ/Kerschbaummayr
After savings books and accounts lost popularity for years due to the zero interest rate phase, the latest interest rate increases by the European Central Bank (ECB) are contributing to increased demand: This is one of the main findings of a study by the Imas Institute, which was commissioned by Erste Bank and Sparkassen became. 1,800 people were surveyed across Austria, in Upper Austria there were 250. “There hasn’t been a World Savings Day in this environment for a long time,” said Stefanie Huber, CEO of Sparkasse Oberösterreich, at a press conference in Linz today, Monday. However, due to the still high inflation, a loss in real value is still being realized.
82 percent of those surveyed said they used a savings book or account as a savings or investment option: in 2021 it was 78 percent, in 2022 it was 68 percent. “Contrary to what is often rumored, something is also happening on the income side,” said Huber: “Sparfrohsparen” for children currently offers four percent interest. For capital savings accounts with a 24-month commitment, it is currently 3.25 percent. On average, Upper Austrians would put aside 330 euros per month (2022: 341 euros). At 347 euros, men put aside a third more than women (268 euros). Around half of those surveyed leave money in their checking account without interest. 49 percent have a building savings contract and 38 percent have life insurance. 32 percent said they use securities (stocks, bonds, funds) as a form of savings: 64 percent see these as a good addition to their savings account. “Broad diversity when saving is the golden rule,” said Huber: In addition to securities and savings accounts, gold could also be an option, “that is a very individual matter, advice is essential here.”
75 percent of those surveyed said they were saving primarily for emergencies: That’s an increase of eight percentage points compared to the previous year. Other reasons include precautionary measures (60 percent) and to afford something later (55 percent).
“First step towards self-determination”
The biggest problem when it comes to saving, money and finances remains the complexity of the topic: 65 percent find securities difficult to understand. Only 28 percent of Upper Austrians feel comfortable when it comes to finances (for comparison: the figure is 70 percent when it comes to health and nutrition). And only 36 percent plan to acquire more knowledge in the near future. “Basic financial knowledge is the first step towards self-determination,” said Huber, adding that banks have a duty here. The “Financially Fit Challenge” offers the opportunity to acquire and demonstrate knowledge in a playful way.
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