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Frankfurt / Main (dpa) - According to a study, many people in Europe saved significantly more during the Corona crisis.
Last year, a balance of 585 billion euros flowed into current and savings accounts in the euro zone, according to an analysis by Hamburg-based financial company Deposit Solutions.
The savings volume in the currency area grew by 48 percent compared to the previous year (2019: +395 billion euros).
A large part of the new money, around 150 billion euros, will go to German savers, it said.
At the same time, they hardly achieve any return on bank deposits because of the permanently low interest rates.
In Germany, the savings volume rose by 37 percent compared to the previous year - more than in Italy (32 percent), but less than in France (72) and Spain (38).
In Great Britain, which was examined separately, the plus was even 170 percent.
Since the second quarter of 2020, the inflows into savings accounts have been greater than in previous years, according to the study that was available to the German Press Agency.
Accordingly, there were around 8.3 trillion euros in savings accounts in the euro zone at the end of 2020.
Current, call money, fixed deposit and other savings accounts were analyzed.
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"Falling consumption and a persistently uncertain economic environment have meant that people have more money in their accounts than ever before," said Tim Sievers, CEO of Deposit Solutions.
The development is the same in all European countries.
"Savings are playing an increasingly central role in people's financial portfolios."
According to the study, the bank balances of French savers in the euro zone rose the most in 2020, at around 2200 euros per capita, followed by German savers at 1800 euros.
Behind them were Italian and Spanish savers with a per capita increase of 1,300 euros.
For the paper, the consulting firm Barkow Consulting analyzed data from the European Central Bank and the Bank of England.
In the UK, account balances increased by 2500 euros per capita.
Deposit Solutions brokers funds from savers to more than 150 partner banks via platforms such as Savedo and Zinspilot.
For example, investors can compare the conditions for overnight and fixed-term deposits from many institutions and easily invest their savings in Southern and Eastern Europe, where sometimes higher interest rates are attractive.
Demand is high in times of low interest rates.
Deposit Solutions' shareholders include PayPal co-founder Peter Thiel and Deutsche Bank.
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That people saved more money in the pandemic is not new.
According to the Federal Statistical Office, the savings rate in Germany in the Corona year 2020 rose to a record high of 16.3 percent after 10.9 percent in the previous year.
For every 100 euros of disposable income, households put on average 16 euros.
Last year, high savings rates also drove the financial assets of German private households to record levels, analyzed the DZ Bank.
Many people kept their money together out of fear of short-time work or unemployment.
In addition, the lockdowns in retail and gastronomy slowed down consumption.
DZ Bank spoke of "extremely high savings".
Even if stocks experience a boom in the pandemic: Most of the money ended up in checking accounts - despite low interest rates.
© dpa-infocom, dpa: 210221-99-528364 / 2