Swiss household savings decline amid rising living costs, Digi Mart USA News (Switzerland): Rising living costs are reducing the savings capacity of the Swiss population. Swiss residents are saving less than they did in the past.
According to a study by the University of St. Gallen (HSG), 53 percent of respondents set aside less money each month than they did three years ago.
One in five said they are no longer able to save anything.
At the same time, the population is increasingly prioritizing security over short-term high returns when investing. Retirement provision solutions are in particular demand, according to the study, which was published on Wednesday and commissioned by precious metals dealer Philoro.
Asked how they would invest a larger amount of freely available money, respondents ranked the pillar 3a retirement account first at 38 percent. The category was included in the survey for the first time this year.
Bank and savings accounts followed with 32 percent, while precious metals and real estate each received 27 percent, according to study author Sven Reinecke of the HSG, who spoke at a media conference in Zurich.
Exchange-traded index funds (ETFs) also gained significant popularity compared with the previous year. Individual stocks and cryptocurrencies, by contrast, lost support.
According to the study, respondents prioritize long-term and as-safe-as-possible wealth building.
Around 60 percent of respondents consider precious metals such as gold a sound investment. However, only one in five actually invests in precious metals.
Among respondents without such investments, 43 percent said they cannot afford to buy them, and about 31 percent of non-investors said they did not know how to invest in gold and other precious metals.
The study surveyed a total of 3,057 adults from all language regions of Switzerland.
