World Savings Day on 31/10/2017: Saving is important to Austrians

A savings-oriented mentality is deep-rooted in the minds of Austrians, with 75 percent considering saving important. The aim of World Savings Day is not just to uphold this idea, but also to highlight early education in financial matters.

Saving is an important part of financial life, and comes into focus on World Savings Day. Savers of all ages can also expect to receive one of the following gifts at Erste Bank branches in Vienna, Lower Austria and the Burgenland region on this day:

  • a stick lighter,
  • a retro lunchbox or
  • a Sparefroh children’s wallet.

From “Sparefroh saving” to “Pocket-money saving”

It is difficult for children to understand money and its value. Erste Bank advises parents to adopt a playful, hands-on approach to teach their children how to handle Euros and associated financial desires carefully from an early age. Erste Bank also has special products for young Sparefrohs, offering the “3% Sparefroh saving” for those under ten. Savings of up to 500 Euros earn a fixed interest of 3% p.a. Credits over 500 Euros or after the child has turned ten yield interest of 0.125% p.a. The “Pocket-money saving” option is recommended for 10 to 14-year-olds, and revolves around the idea of encouraging children to take responsibility for handling money. This product also earns a fixed bonus interest of 1.5% p.a. for credit up to 500 Euros, and 0.125% p.a. for credit over 500 Euros or once the child has turned 14. The credit is available at all times for both products.

Both the “3% Sparefroh saving” and the “Pocket-money saving” are available in a bonus package with an s Bausparen building savings scheme and/or the s Lebens Plan (pension plan) with a bonus of up to 45 Euros.