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Current survey by UniCredit Bank Austria on World Savings Day 2024:
Savings on the rise: higher interest rates revive traditional savings products, real estate remains out of reach for many

• 78 per cent of respondents are worried about inflation, with the significant rise in interest rates triggering a veritable boom in savings that will continue into 2024 
• Respondents have more money available for saving in 2024, monthly savings amount increased by around half to EUR 200 per month, saving remains by far the most popular form of investment at 53 per cent
• Real depreciation of asset could be avoided by investing in securities in recent years
• Interest in securities remains stable at 35 per cent, with younger investors owning securities much more frequently than a few years ago; securities savings are particularly interesting
• High prices and equity requirements are making the purchase of real estate a distant prospect, which is why people are once again saving more for the purchase of a house or flat
• Financial provision for the future is particularly important for women 

The representative survey commissioned by UniCredit Bank Austria on World Savings Day and conducted by Marketagent.com among 618 interviewees (bank customers aged between 14 and 69) on the investment behavior of Austrians shows that the high level of interest rates has revived interest in traditional savings products such as savings cards, online savings and savings through home savings plans. While the increased cost of living dampened savings behavior in the previous year, respondents stated that they had more money available for savings again in 2024. The average monthly savings amount (median) rose by around half to EUR 200 in 2024 (previous year: EUR 136). Interest in and use of securities remain stable. 

“The rise in interest rates has made saving more attractive again in 2024. The high savings rate shows that many bank customers are putting more money aside again”, says Robert Zadrazil, Country Manager Austria UniCredit. However, despite higher interest rates, the financial assets of households in Austria, which have averaged around 550 billion euros over the last ten years, have suffered a real loss of 125 billion euros during this period. 

Investing in securities benefits savers and the economy
The main reason for this is the high inflation in the last two years. In 2023, investments in securities also did not generate a positive real return due to market developments, but households that invested their financial assets in securities were able to preserve the real value of their assets over the last ten years, while assets invested in deposits lost almost 30 per cent of their real value due to inflation. “In the long term, investing in securities has preserved the real value of assets despite the inflation shock of the last two years and the difficult market development, and this is also to be expected in the future”, says Zadrazil, “if investments are made exclusively in bank deposits, this will not be possible in the next few years either, despite higher interest rates.” 

But investing in securities, despite certain risks, can bring benefits not only for savers. Especially in uncertain times with major economic challenges, investing in securities is important for the entire economy.“
Investments in securities bring advantages not only for savers, but also for the entire economy. Strengthening the capital market is particularly important for the economy in a difficult economic situation. Investments in securities also contribute significantly to the savings flowing into the economy”, Zadrazil continued.

More people can put more aside 
“Investing savings plays an indispensable role in providing for the future. On the one hand, it is important to set aside a nest egg in the short term, but on the other hand, there is hardly any way around investing in securities for long-term wealth preservation, despite certain risks. It is important to raise awareness of financial provision”, says Daniela Barco, Board Member Retail at UniCredit Bank Austria.

Although inflation has fallen sharply, concerns about inflation are still present among respondents. While 83 per cent were very or extremely worried about inflation in the previous year, this figure is still 78 per cent in 2024. With regard to savings and investment behavior, the results show that 64 per cent of respondents will save the same or more in 2024 than in the previous year (2023: 60 per cent), while 36 per cent will save less (compared to 41 per cent in 2023). More than half of those surveyed said they could save up to EUR 50, 100 or 300 per month. Around a quarter of respondents are even able to put aside up to 800 euros or more. The proportion of those who do not save at all has fallen from 19 per cent in 2023 to 17 per cent in 2024. Saving for an emergency reserve has fallen slightly this year (2023: 58 per cent, 2024: 56 per cent). However, saving for a purchase in the future has risen sharply (2023: 43 per cent, 2024: 54 per cent) and saving for old age (2023: 31 per cent, 2024: 43 per cent) has also increased in the number of people citing saving motives. 

Securities remain an important part of a balanced investment strategy
When asked about the most interesting forms of savings and investment at the moment, savings products were the most frequently mentioned at 53 per cent (previous year: 56 per cent), while interest in securities remained stable at 35 per cent. Younger investors are significantly more likely to own securities today than they were a few years ago. Securities savings are particularly popular: 70 per cent of the customer group under the age of 30 who invest in securities use securities savings and a further 25 per cent would like to use this form of investment in the future.
Declines were recorded in investment forms such as private pension provision (2019: 23 per cent, 2023: 14 per cent, 2024: 12 per cent), life insurance (2019: 18 per cent, 2023: 16 per cent, 2024: 13 per cent) and real estate (2019: 39 per cent, 2023: 29 per cent, 2024: 26 per cent). 

Interest in property declines due to lack of affordability
Property as a form of investment is continuing to decline, with equity requirements being cited most frequently as the reason for the drop in interest, followed by high property prices. As a result, people are currently saving more for the purchase of a house or flat (2023: 10 per cent, 2024: 16 per cent), but less for the furnishing of the house or flat (2023: 22 per cent, 2024: 19 per cent).

“The affordability of property has declined, whether as an investment or as affordable living in your own four walls. The increased equity requirements and high prices are making buying more difficult. The results of the survey are in line with the declining figures that we are also seeing for financing. The average monthly loan volume for private residential construction financing has fallen across the sector from almost 2.5 billion euros in the first half of 2022 to just 860 million euros in the first half of 2024. We have seen a slight recovery since this spring, but from a very low level”, says UniCredit Country Manager Austria Robert Zadrazil.

Prevention is particularly important for women
The difference between men and women when it comes to investments is clear: while saving is the top priority for both genders (women 71 per cent, men 68 per cent), investing in securities comes in second place for men (36 per cent) and fourth place for women (20 per cent). Women give preference to savings, savings through home savings plans (32 per cent) and life insurance (28 per cent) over securities. 

Even in the group younger than 30, the difference between men and women is still large. Only 22 per cent of young women own securities, while the figure for young men is significantly higher at 46 per cent. At 35 per cent, one in three young women say they are interested in securities as a form of investment, but at 57 per cent of men there is also a large gap between the sexes here. 

Sustainable investments must offer attractive returns
For 89 per cent of security owners, attractive returns are also essential for sustainable investments (2019: 89 per cent), with 72 per cent citing “investing with a clear conscience” as a motive (2019: 78 per cent). High product credibility, transparency and a clear link between the investment and sustainability criteria are important to respondents. 

If you want to take advantage of the opportunities offered by the capital markets and invest sustainably at the same time, you can find out more about sustainable investments at Nachhaltig investieren - Nachhaltige Investments | Bank Austria.

1.6 million people want to visit a bank branch on World Savings Day
World Savings Day has not lost any of its appeal for Austrian bank customers. Interest has remained very stable over the last few years, with a noticeable decline only being seen in 2020 due to the pandemic. 27 per cent of respondents are sure to go to a bank on World Savings Day or plan to (2023: 26 per cent), which is a total of around 1.6 million people in Austria.

Around World Savings Day from October 21 to November 6, 2024, UniCredit Bank Austria is offering an attractive investment package (AnlagePaket) from an investment amount of EUR 5,000, whereby 50 percent of the investment amount is saved in a fixed-interest savings account at 4 percent p.a. with a term of 6 months and 50 percent is invested for the longer term in various securities of selected investment products. The savings account Sparkonto fix offers particularly attractive terms around World Savings Day: 3 per cent p.a. for a commitment period of six months and 2.75 per cent p.a. for 12 months. For the savings account for children up to 14 years of age, callable on a daily basis, UniCredit Bank Austria is offering a particularly attractive offer around World Savings Day with 4 per cent interest p.a. with a fixed interest rate for 12 months.¹

Sparen & Veranlagen mit dem Anlagepaket | Bank Austria¹
Sparkonto online eröffnen - Sparkonto fix PLUS und Sparkonto fix (bankaustria.at)¹    

Enquiries:
UniCredit Bank Austria Media Relations
Matthias Raftl, Phone: +43 (0) 5 05 05-52809;
E-mail: matthias.raftl@unicreditgroup.at

¹ Notes & legal information on the investment package (AnlagePaket) and the savings account Sparkonto fix PLUS as well as the savings account Sparkonto fix can be found on our homepage under the links provided.