Austrians keep savings accounts on top as World Savings Day fades

World Savings Day has lost prominence among young people, while savings habits have changed, ORF reports. In Austria, however, the savings account remains the most popular form of investment, with many people reluctant to try funds or shares.

October 31 became known as World Savings Day, when children eagerly watched their piggy banks being emptied. Alexander Kubin, banking section spokesman at the Austrian Economic Chamber, said people value having emergency savings and being able to access their money, as well as the security savings accounts offer.

Kubin said financial education should start at a young age, including in schools. He also stressed that saving small amounts can be worthwhile, even for people who have little left over each month. Starting early and saving over a long period can build up a significant sum.

Although bank branches are becoming fewer, Kubin said he was not concerned about the industry. Burgenland, an Austrian state, currently has 134 physical bank locations. Traditional banks see themselves as companions through all stages of life, he said, adding that personal contact remains important, particularly for people building homes.