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Austrians save less due to poor interest rates, high inflation rate

10-12-2010 08:46 BJT

VIENNA, Oct. 11 (Xinhua) -- Austria has been found among the EU' s top countries in terms of spending power, and Austrians' enthusiasm to save money is extinguishing, said the Austrian Market and Opinion Research Company (IMAS) on Monday.

The survey has shown that only 41 percent of Austrians considered saving money as "very important," which decreased by 8 percent year on year. In addition, the proportion of Austrians' saving in bank deposit declined to the present 9.8 percent from 12 percent of 2009.

Secretary General of the Saving Bank Association Michael Ikrath and Director of the Erste Bank Peter Bosek all believed that the less attractive interest rates and people's concern about currency devaluation were the main causes.

Pollsters also declared that 70 percent of Austrians feared that their bank deposits was devaluating due to the high remaining inflation rate in the past few years. In addition, 70 percent of the respondents were fearful about currency devaluation, the proportion has increased by 8 percent compared to 2009 and by 24 percent compared to 2006.

Research has also shown that 56 percent of the respondents said they worried about losing assets when buying funds and stock and 23 percent was fearful about bank failures.

The survey also found that savings book remained the most popular way to save money as 83 percent of the interviewed said they were using one. Building society savings systems come second with 58 percent, life or property insurance with 43 percent, securities and funds with 25 percent and state-promoted pension insurance with 19 percent.

Editor:Xiong Qu |Source: Xinhua

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