The crux of interest rates

How savers lost 9 billion euros in one year

The average Austrian has just under 36,000 euros in savings. But due to high inflation, this money is becoming worth less and less - and interest rates are nowhere near enough to compensate for this. In total, almost nine billion euros of purchasing power is lost in one year. Austrians are saving themselves poor!

"Austrians are hoarding around 320 billion euros in savings books, savings accounts or cash. With an average interest rate of 0.88 percent in the last twelve months, Austrians have left almost nine billion euros in interest lying around," says financial expert Oswald Salcher, Head of Austria at Trade Republic. This does not even take into account the fact that interest income is further reduced by capital gains tax.