In Austria, savings products are still the most important investment option. Nevertheless, new investment products such as shares and funds are emerging. According to a study by Bank Austria, the amount that Austrians can put aside each month has increased.
On the occasion of World Savings Day on October 31, many banks report a high demand for savings products. Alternative investment options such as stocks, funds, exchange-traded index funds (ETF) and crypto assets are becoming increasingly popular. In the second quarter of 2024, the share of income that is not spent on consumption, but is saved, has risen to 10.6 percent. This year, Wifo (Austrian Institute for Economic Research, note) expects an increase to 11.4 percent.
The savings rate has been high in recent years, especially during the Corona pandemic, because many consumption options, such as those in the catering and hotel sectors, were missing. Although saving is very important for the population, one in three Austrians leaves the ’emergency fund’ in their current account without interest. This is now evident from a study by the rate comparison portal durchblicker.at.
Learn to handle finances
World Savings Day is intended to teach the population how to manage finances and motivate them to save. The day was first celebrated 99 years ago, on October 30, 1925. However, the initiative only gained real momentum in the 1950s, after the population and economy had recovered somewhat from the Second World War. At that time, numerous savings associations were founded and school and youth savings were introduced.
Nowadays, most banks celebrate the day with significantly less effort and offer their promotions over several days. Every year there are small gifts especially for children, such as cuddly toys, pens and games. Old promotional gifts and the development of the mascot “Sparefroh” can be seen in the Sparefroh House in the Alsergrund District Museum in Vienna.
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.
