How do you do savings?
Thursday 28 October 2021
To mark World Savings Day, we have launched a series of surveys on UniCredit's social media channels to find out more about how and why our followers save money. An opportunity to collectively reflect on the concept of financial awareness.
The history of World Savings Day began 97 years ago, on 31 October 1924, when in Milan, as part of the 1st International Savings Congress, Professor Filippo Ravizza suggested the creation of a symbolic and significant moment to make everyone aware of the importance of depositing their assets in a bank, rather than keeping them hidden at home, under the well-known mattress.
At the time, this recommendation was addressed mainly to a rural and working-class population, generally poorly educated and certainly not rich. Over time, and given the general improvement of socio-economic conditions, the importance of financial awareness progressed hand in hand.
Over the past week, we have been interviewing followers of our Group social media profiles across the different countries where UniCredit is present, to find out more about why people save money 97 years later, what channels they use to get information, what expectations do they currently project on banks, and what type of financial services they prefer.
At the time we wrote this article, the possibility of voting was still open. From the first results available, however, the profile of a prudent saver is emerging, one that is concerned about the future (60%) but also, increasingly compared to the past, careful about being able to cope with unexpected events (35%). A trend clearly influenced by the recent Covid-19 pandemic.
In terms of savings, our followers appreciate financial education activities (44%) as well as the clarity of the offer (31%). At the same time, savers are increasingly inclined to seek information through digital channels (58%), but still see the bank as the first point of contact for savings decisions in more than one in four cases.
Our colleagues at Bank Austria have studied these issues in even greater depth, presenting in recent days a special survey on savings behaviors in Austria, the results of which can be viewed here. Further general trends emerge, for example in the growth of sustainable investments (+72%) or the general importance of ethics in investments (essential for 94% of respondents). The latter is also confirmed in Italy (92%), as shown in a recent interview with WeWealth by Stefano Vecchi, Head of Wealth Management & Private Banking Italy at UniCredit.