According to the Bundesbank, there are still hundreds of billions of euros in checking accounts and savings accounts that bear little or no interest and are gradually being devalued by inflation.
(Photo: imago images/CHROMORANGE)
For us Germans, as proud savers, the world now seems a little more in order, despite the turmoil of war, the energy crisis and fear of recession: There is interest on savings capital again. And with that, the much ridiculed World Savings Day on Friday is gaining in importance again.
Banks and savings banks pay more interest for the popular overnight and fixed-term deposits, a one, even a two before the decimal point can be seen there again. This does not compensate for the high inflation of around ten percent recently. But it calms the outraged spirits – and brings to mind a traditional virtue that seems to be more relevant than ever for the community, especially in times of crisis.
World Savings Day, which was launched 97 years ago at the first international Savings Banks Congress in Milan, not only serves as a reminder of how important it is to build up a financial cushion for unforeseen expenses. Thinking a bit further, it is also suitable as an invitation not only to save, but to invest.
First of all, it depends on what financial advisors preach: In the longer term, investments in the capital market, especially with shares, bring noticeably higher returns than simply parking in accounts. A look at the past shows that returns of more than eight percent can be achieved with stocks over a period of 20 years. Even severe price slumps in crises are usually ironed out after a few years.
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In times of shrinking social security funds, this helps to create the much-discussed cushion for old age. But investing means much more. Perhaps World Savings or World Investment Day is also an opportunity to think about what is generally worth investing in. In education, clean energy, support for families, neighbors, refugees – in other words, in peaceful coexistence?
The same applies in politics: Saving is a virtue, but investments secure the future.
More: The anti-crisis depot: what professionals are now advising investors to do