New study

331 euros per month: “Styrians are world savings champions”

The savings book is still the customer favorite (symbolic image).

(Bild: APA/dpa/Daniel Karmann)

World Savings Day traditionally takes place at the end of October. A new study by Steiermärkische Sparkasse shows that Styrians stand out in an international and Austria-wide comparison due to their high savings volume. But where is the best place to invest your savings?

Thursday, October 31, is World Savings Day again. However, it no longer generates the same amount of savings as it used to. "We are now looking more at monthly values," explains Gerhard Fabisch, CEO of Steiermärkische Sparkasse.

Specifically, Steiermärkische examined the savings behavior of around 1,400 respondents as part of a new study. The result: "Compared to other countries, the Styrians are the savings champions of the world," says Fabisch. On average, they put aside 331 euros per month, which is 11.4 percent of their net income - the Austrian average is only 308 euros.

Gerhard Fabisch, CEO of Steiermärkische Sparkasse, invites you to World Savings Day on October 29, 30 and 31.

(Bild: Margit Kundigraber)

Where this cushion is invested, if at all possible, has also changed. Although the savings book is still the most popular choice at 75 percent, it is increasingly being used in digital form such as a savings card or savings account. "At best, you shouldn't leave excess liquidity in your current account," advises Fabisch.

Saving is a way of life. 91 percent of respondents believe that you need a financial cushion.

Gerhard Fabisch, Vorstandsvorsitzender der Steiermärkischen Sparkasse

However, securities are currently experiencing a real boom with a ten percent increase compared to the previous year. "Styrians have realized that this is not a dangerous thing." This type of saving is particularly worthwhile as a long-term investment, for example for a house in ten years' time. However, 80 percent are still opting for security rather than risk-taking.

Financial knowledge remains low
When it comes to financial literacy, Styrians confidently rate themselves as "satisfactory". "I would say that this is a very positive assessment," says Fabisch. More knowledge would be good, as the insolvency statistics among young people show. It can help to keep a budget book for a year or two, especially when it comes to keeping an overview.

Above all, however, banking advice and financial education should start at a young age. Steiermärkische Sparkasse offers workshops at schools for this purpose. According to Fabisch, saving is an attitude to life that parents also help to shape. Styrians are almost unanimous on one thing: 91 percent believe that everyone should have a financial reserve.