FRANKFURT (dpa-AFX) - For the majority of people in Germany, friends and family remain the primary source of information when it comes to investing. Nearly one-third (31.2 percent) of the 3,203 adults surveyed by the Ipsos polling institute on behalf of Commerzbank seek investment tips within their private circles.
Bank and financial advisors rank closely behind in the representative survey conducted last autumn (29.7 percent). However, when asked whether they had consulted their bank or a financial advisor regarding investment products in the past twelve months, nearly 80 percent answered in the negative.
Overnight deposits over securities
Overall, Germans continue to save at a record pace: nearly three-quarters of respondents reported setting money aside either regularly (43.7 percent) or occasionally (28.4 percent). By far the most popular vehicles remain overnight deposit accounts, fixed-term deposits, and traditional savings accounts.
Approximately half of savers avoid securities such as equities, ETFs, funds, or bonds, primarily citing a self-proclaimed lack of expertise or a deep-seated aversion to risk.
Are savers leaving money on the table?
"Many people in Germany save diligently, but too conservatively," says Thomas Schaufler, Head of Private Customers at Commerzbank. "Despite high savings rates, the majority underutilize higher-yielding asset classes like securities, thereby forfeiting long-term financial potential."
Schaufler points out that approximately 3 trillion euros are currently sitting in German accounts, most of which earn no interest. "Particularly with regard to retirement planning, it is more important than ever to strategically invest liquid assets and capitalize on the opportunities offered by capital markets," the Commerzbank executive added./ben/DP/zb
