World Savings Day

Saving is important to Salzburgers again

Young and old are taking advantage of the recent decline in inflation and are filling their piggy banks and piggy banks again.(Bild: Sparkasse OÖ/Stiftinger)

Having money set aside for emergencies is once again more important for young and old. However, the way people save has changed drastically since World Savings Day was introduced.

World Savings Day was officially launched 100 years ago in Milan. However, it was not celebrated for the first time until the following year, on October 31, 1925. Decades later, piggy banks are still often taken to the bank for "slaughter" at the end of October. However, saving has changed and has long since arrived in the 21st century. Banks are increasingly focusing on digital products. The savings book is increasingly moving online and becoming a savings account.

Christoph Paulweber, CEO of Salzburger Sparkasse, confirms this trend, but sees the demand for investment opportunities increasing. "The savings rate is on the rise again," says Paulweber. Inflation has fallen recently, people have more left over again.

Savings accounts are increasingly being replaced by digital savings accounts.(Bild: Christof Birbaumer)

Savings mix and crypto are in demand
However, Salzburgers are remaining conservative when it comes to investing. According to a study by Sparkasse, 74 percent save with a focus on security. Young people, on the other hand, are more risk-averse when it comes to investing their savings. Among 16 to 29-year-olds, funds and cryptocurrencies are more popular than in all other age groups.

The savings rate is on the rise again, which we can clearly see. And: saving remains timeless, the younger generation is just redefining the 'how'.

Christoph Paulweber, Vorstandsvorsitzender Salzburger Sparkasse

Another current topic: interest rates. If you want to invest your savings with the Salzburg Raiffeisen Association, you can get 2.125% fixed interest for 36 months. But only online. "Interest rates have currently risen, which is reflected in savings behavior," says a Raiffeisen spokesperson.

Several forms of savings are being used across all age groups. Life insurance and building society savings are also still very popular. "From our discussions with customers, we know that personal retirement provision is the greatest motivation for saving," says Oberbank CEO Franz Gasselsberger. A conscious mix when saving usually also enables a higher return.