Home » News » Switzerland: 92% of young people manage to save regularly – Economy

Switzerland: 92% of young people manage to save regularly – Economy

A large majority of young people aged 18-29 manage to save money, according to a representative bank survey Migros published Monday. Some 92% of those questioned say that they save regularly. The same rate is found in the 30-55 age group. On the other hand, the over 55s are barely 80% able to save.

Among the 92% of 18-29 year olds who save, the vast majority (67%) cannot save more than 1,000 francs a month. They are still 22% able to save 1000 to 3000 francs per month and 3% save more than 3000 francs every month. Finally, only 8% cannot make any savings.

Travel and Savings

The main savings objectives for young people are long trips (18%), the acquisition of accommodation (16%), the constitution of a financial reserve (12%) and the purchase of goods.
consumption (10%). On the other hand, only 8% of respondents put aside for their old age, while this figure rises to 25% among those over 30 years.

The 18-29 age group also favors savings accounts to manage their savings. And this even in the long term, when financial investments would be better suited, stresses the bank. They justify this behavior by the fear of making bad investments due to lack of knowledge.

Bitcoin in stern

On the other hand, young people are the least shy about Bitcoin and cryptocurrencies. More than 7% of 18-29 year olds invest in this sector; this percentage also reaches 7% in the 30 to 55 age group but barely 1% in the over 55 age group. years. And 13% of young people say that cryptocurrencies will be even more important to them in the future or that they want to invest in this sector. A figure that drops to less than 0.5% for those over 55.

Note also that the notion of sustainability is of little interest to young people in terms of money. This is important for only 9% of 18-29 year olds, while older respondents are much more sensitive to the ecological aspect. Some 11% of 30 to 55 year olds, and even 16% of over 55 year olds, value sustainability in financial investments.

Created: 02.17.2020, 10.45 am

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.