Swedbank: Estonians Did Not Learn How to Save Money

Only the 25% of its clients have savings comparable to three months of their salary

Presenting some of the outcomes of the financial crisis, Swedbank declared that only the 25% of its clients in Estonia has savings comparable to three months of their salary.

According to the bank, this percentage should also be split in a 5% who owns savings for something in between 1 and 3 salaries and a 20% who owns savings for three or more.

Swedbank Executive Director for services to private customers Aet Altroff stressed the importance of saving money declaring that, by the development of deposits in Swedbank, it seems that the crisis did not have a great impact on pushing people to save more money.

If on one side the economic difficulties put consumers under pressure and obliged them to consume less, it seems that a real attitude towards saving has not been developed yet.

Trying to build a profile of Estonian “savvy” consumers, Swedbank showed how savings are more common for elderly while the same does not apply to young people and low/mid income people who do not seem to realize what the meaning of “savings” is.