The average Austrian has almost 36,000 euros on the table. But due to high inflation, money is becoming less and less valuable – and interest rates are far from able to compensate for this. In total, almost nine billion euros in purchasing power is lost in one year. The Austrians are saving themselves poor!
“Austrians are hoarding approximately 320 billion euros in savings books, savings accounts or cash. With an average interest rate of 0.88 percent over the past 12 months, the Austrians have left almost nine billion euros in interest,” said financial expert Oswald Salcher, the Austrian head of the Commercial Republic. This doesn’t even take into account the fact that interest income is further reduced by capital gains taxes.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
