25.10.2019
World Savings Day: 1.2 million Austrians visit bank branches
- Top motivations: Tradition, day out with the kids, World Savings Day gifts
- World Savings Day gifts from the Erste Bank: Reusable shopping bag made from recycled PET bottles and a ‘Sparefroh’ pencil case
World Savings Day has a long tradition. For 96 years now, the significance of saving and the importance of early financial education have been put in the spotlight every 31st of October. According to a current IMAS study conducted on behalf of Erste Bank und Sparkassen, 1.2 million Austrians visit their bank on this day. ‘Tradition’ (69%) continues to be the number one motivating factor, followed by ‘a day out with the kids and grandkids’ (55%) and the ‘World Savings Day gift’ (39%). World Savings Day is particularly popular in Upper Austria, Carinthia and Styria, where one in five people takes their savings to the bank on that particular day and receive a present. This year, the Erste Bank branches in Vienna, Lower Austria and Burgenland will be offering the following World Savings Day gifts:
- A reusable shopping bag made from recycled PET bottles, or
- A ‘Sparefroh’ pencil case filled with pencils.
World Savings Day products
The Erste Bank has special products for young savers. The ‘1.5% Taschengeld Sparen’ is recommended for 10 to 14-year-olds to teach them how to handle their own money for the first time and to encourage them to take responsibility. Credit balances of up to 500 Euros earn an interest of 1.5% p.a. Amounts over this or after the child’s 14 birthday incur 0.125% interest p.a. The ‘3% Sparefroh Sparen’ product is recommended for children under 10, earning 3% fixed interest p.a. on amounts up to 500 Euros. There is also a special bonus for savings done through building societies. New contracts currently enjoy an interest rate of 2% for 200 days, with a maximum deposit of 1,200 Euros. Investment saving schemes, meanwhile, give savers the chance to invest in securities from just 50 Euros a month. Erste Bank currently does not charge any deposit fee for the first three years.
About the study: Erste Bank und Sparkassen hired the market research institute IMAS to survey Austrians about saving. The study is representative of the Austrian population aged 15 and over. A total of 900 interviews were conducted right across Austria. 100 interviews were conducted per province in order to enable separate analyses. Comparative values are based on previous studies from 2009 onwards.