
24.10.2016
World Savings Day on 28. 10. 2016: Saving is important to Austrians
The concept of saving is firmly embedded in the minds of Austrians – 69 percent say saving is important to them. Not only should this idea to be cherished on World Savings Day, but attention should also be drawn to financial education and training at a young age.

World Savings Day presents © Erste Bank, Hinterramskogler
Saving is an important part of financial security and is the focus of World Savings Day. Both young and old “Sparefrohs” (literally: “happy savers”, named after the Austrian Savings Day mascot) one of the following presents awaits in bank branch offices of Erste Bank in Vienna, Lower Austria and Burgenland:
- A bluetooth self-timer.
- A reflective sports strap with sewn-in pockets.
- A Sparefroh folding box.
Saving is an important part of financial security and is the focus of World Savings Day. Both young and old “Sparefrohs” (literally: “happy savers”, named after the Austrian Savings Day mascot) one of the following presents awaits in bank branch offices of Erste Bank in Vienna, Lower Austria and Burgenland:
- A bluetooth self-timer.
- A reflective sports strap with sewn-in pockets.
- A Sparefroh folding box.

World Savings Day presents © Erste Bank, Hinterramskogler
Savings products offered on World Savings Day
For children up to the age of ten there is the “3% Sparefroh savings book”. For savings of up to 500 euro, the savings deposit will pay fixed interest of 3% per year. It can also be opened as a combined package with a building savings contract and/or a life insurance policy with a bonus of up to 45 euro. Savings deposits in excess of 500 euro or paid in after the 10th birthday will receive interest of 0.125% per year.
A new product is the savings card for youth: for persons of 10 to 14 years of age, “kids' allowance saving” is offered. The idea is to promote responsibility in the handling of money. For deposits up to 500 euro, this product also offers a preferential fixed interest rate, of 1.5% per year. Deposits exceeding this amount or made after the child's 14th birthday will receive interest of 0.125% per year. A feature of both products is that the deposited funds can be withdrawn on demand.
About the tradition of World Savings Day:
World Savings Day was established by the World Society of Savings Banks in Milan, Italy in 1924 and is celebrated in Austria for the 90th time this year. It is intended to draw the population's attention to the concepts of saving and the conservation of resources. Up until World War 2 the celebration of saving on World Savings Day was misused by the Nazi regime in order to fund its war effort. World Savings Day only experienced a renaissance again in 1955, and became an important pillar of economic and financial education in Austria. Under the slogan “husband your resources well” World Savings Day flourished and was traditionally celebrated with big festivities at the Sparkassen (savings banks): for example, in 1974 “Giant Birthday Cakes” were baked at the savings banks, the largest in Linz, weighing 1.2 tons and yielding 30,000 slices. October 31 was officially proclaimed World Savings Day by the UN in 1989. World Savings Day continues to be celebrated to this day – particularly in German speaking countries.
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