According to a study, many people across Europe saved significantly more during the corona crisis, despite the persistent phase of low interest rates and a stock market boom. Last year, a balance of 585 billion euros flowed into current and savings accounts in the euro zone, according to an analysis by Hamburg-based financial company Deposit Solutions. This means that the savings volume in the currency area has grown by 48 percent compared to the previous year. A large part of the new money, around 150 billion euros, will go to German savers, it said. At the same time, they hardly achieve any return on bank deposits because of the persistently low interest rates.
According to the study, the bank balances of French savers in the euro zone rose the most in 2020, at around 2200 euros per capita – followed by German savers at 1800 euros. Behind them were Italian and Spanish savers with a per capita increase of 1,300 euros. In France, the savings volume rose by 72 percent, in Germany by 37 percent and in Italy by 32 percent. In Great Britain, which was examined separately, the increase in account balances was even 2500 euros per person and 170 percent over the previous year. For the paper, the consulting firm Barkow Consulting analyzed data from the European Central Bank and the Bank of England.
Since the second quarter of 2020, the inflows into savings accounts have been greater than in previous years, according to the authors of the study. Accordingly, at the end of last year there were around 8.3 trillion euros in savings accounts in the euro zone. Current, call money, fixed deposit and other savings accounts were analyzed.
Due to the lower number of shopping opportunities and the uncertain economic environment, more and more people are hoarding money, the Federal Statistical Office also found, which put a record-high savings rate in Germany of 16.3 percent for the Corona year 2020, after 10.9 percent in the previous year. For every 100 euros of disposable income, households put on average 16 euros.