Citizens keep 10 times more money in their accounts than they have invested in financial instruments, the study shows

85% no “Citadels“Citizens’ savings are held in current accounts and only 0.2% in investments in financial instruments, according to Citadele Bank’s savings habits statistics for economically active customers aged 25-65, while the wealthiest continue to increase their capital by investing almost 25% of savings, the bank’s representatives inform.

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A small part or 4.6% of the total savings of economically active customers is accumulated in the 3rd level of pensions and 1.7% in life insurance, according to the savings habits of the population. 3.3% of customers’ money is kept in term deposits, but 5.7% in a savings account

“Every day we work actively with clients to promote their financial literacy, because, unfortunately, a large part of the society lacks the knowledge to increase their savings. We see that the wealthiest clients invest almost 25% of their savings in financial instruments, thus continuing to earn and increase their capital, while most companies, by irrationally managing their savings, lose some of their hard-earned and accumulated money by holding money in non-profitable bank accounts. seriously consider ways to protect and increase your savings so as not to lose the value already accumulated due to high inflation, “says Kārlis Purgailis, Chairman of the Board of Citadele’s subsidiary CBL Asset Management.

In general, the population holds 10 times more money in non-profit accounts than they have invested in financial instruments, according to Citadele statistics. In addition, currently 98% of investments in financial instruments belong to the wealthiest part of the society or private bankers’ customers, although they make up only a small percentage of the bank’s total customers.

Term deposits, on the other hand, are most actively used by seniors – they own 42.5% of all deposits. The opportunity to create savings by deferring money in a savings account is used mainly by economically active residents aged 25 to 65 – 49% of the total savings in savings accounts are their money.

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