Finland savings study: Nearly one-third of citizens do not save regularly

A study commissioned by Bigbank and conducted by Iro Research reveals that nearly one in three Finns (29%) do not save money regularly or at all. The survey, which included 1,000 participants, indicates that the most common motivation for saving is building a buffer for unexpected expenses, cited by approximately 59% of savers.

Other primary savings goals include specific purchases (36%), retirement (26%), and wealth accumulation (21%). The research also highlights a gender gap in investment methods: 32% of men save by investing in stocks, compared to only 14% of women, while women show a higher preference for traditional savings accounts.

Despite 75% of savers desiring returns on their money, a significant portion keeps funds in standard checking accounts. Data from the Bank of Finland shows that out of 115.7 billion euros in total deposits, approximately 70 billion euros are held in checking accounts. Inka Hedenstam, Bigbank's Country Manager in Finland, suggests this is due to misconceptions and fears regarding restrictions associated with higher-interest savings accounts.