After the Coronavirus breakout, savings rates are increasing and, thanks to banks digitization, more and more people are choosing to entrust their savings to an online current account.
Among the objectives set out in the EU Recovery Plan, the desire for a digital transformation of the economic system stands out; the trend is growing so that the Bank of Italy has already noted an increase to 80% of people using Internet banking systems for financial management in 2019.
The reasons? An overall decrease in costs related to the account and the possibility to manage one’s banking situation comfortably from home. If you are interested in learning more, we talked about the benefits of an online current account during a pandemic in one of our previous articles.
Another growing phenomenon, first reported by the Financial Times, is the increase in savings all over Europe, with data collected by the ECB and the Bank of England showing that savings rates have risen significantly in four out of five countries. The French case is one of the most emblematic, with more than 20 billion euros paid into current accounts, a trend that seems to have grown exponentially, reaching 60 billion in mid-May. In Italy, the amount of savings is close to 17 billion euros (compared to the 3.4 billion expected by the monthly average). Spain and Great Britain also follow the flow, with 10.2 billion euros and 13.1 billion pounds respectively.
The trend could be justified by the increase in economic uncertainty, which has led many Europeans to set aside large sums of money to face the recession.