Saving continues to gain in importance in Austria

The average monthly savings amount this year was 307 euros per person, compared to 301 euros last year, according to a current study by Erste Bank. Accordingly, consumers are increasingly using forms of savings such as savings accounts or savings cards. However, satisfaction with the amount of savings is low due to inflation.

“Saving is more important than ever,” said the CEO of Erste Bank Oesterreich, Gerda Holzinger-Burgstaller, at a press conference on Tuesday. The changed environment – the European Central Bank (ECB) recently raised interest rates sharply again to combat inflation – has led to a visible change in attitudes towards investments. This resulted in higher savings amounts, which have also increased in recent years after adjusting for inflation.

According to the study, younger people in particular attach great importance to having a financial cushion. The monthly savings amount for 27 to 42 year olds is 353 euros, which is significantly higher than is the case for older generations. There is also a gap between men and women. The former can put aside an average of 347 euros a month, while women can only put aside around 268 euros.

According to Holzinger-Burgstaller, the results of the study also show that satisfaction with monthly savings has decreased. “People would like to save more than they can.” As a savings goal, the focus is on a financial cushion and the issue of security, which is also important when selecting investment forms.

Despite the increasing popularity of savings products, Holzinger-Burgstaller still sees room for improvement. Because there are still a lot of people who park their money in their current account and would therefore accept a loss of purchasing power. “We see 50 percent of people who actually leave their money in their checking account, use too few forms of savings and too few alternative investments,” explained the manager. “We’re definitely not where we’re supposed to be yet.”

She appealed to consumers to think about forms of investment such as securities in addition to savings. Especially with long-term investments and good diversification, high returns and thus compensation for inflation are possible.

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