World Savings Day on October 28: The children save, the parents tend not to – the city and district of Böblingen

Piggy bank in the head office of the United Volksbanken in Boeblingen: the little ones’ will to save is unbroken. Photo: Eibner-Pressefoto/Dennis Duddek

In times of high inflation and rising energy prices, is saving still en vogue? Yes, say the banks on World Savings Day. While the children are still busy carrying their piggy banks to the counter, parents tend to wait and see. It becomes particularly critical when the increased energy costs hit consumers.

On Thursday at 2.15 p.m. things got exciting for Gianluca Marghella. The Boeblingen regional manager of the United Volksbanks eagerly awaited the next interest rate decision by the European Central Bank. Its President Christine Lagarde finally announced a renewed increase of 75 basis points to 2.0 percent. “Of course we are watching this very closely, these decisions are usually announced on Thursday,” he says. On Friday, the cooperative financial institutions regularly analyze what is derived from this. This year, World Savings Day falls on this Friday. But is there still a need to save in times of inflation?

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