FRANKFURT (dpa-AFX) - In view of the huge sums of private money in accounts with comparatively low interest rates, Thomas Schaufler, Head of Private Clients at Commerzbank, is calling for more financial education. "Unfortunately, pure saving is currently really destroying money in terms of purchasing power," said Schaufler on Wednesday in Frankfurt at the presentation of a survey commissioned by Commerzbank.

Schaufler argued that the "nest egg" of people in Germany for unexpected purchases is too large at a good 2140 billion euros (as of the third quarter of 2023) in view of the still high inflation. Early information about investing in shares or exchange-traded index funds (ETFs), for example, could reveal opportunities for returns. Those who know early on how to invest money have the opportunity to beat inflation. "I would make financial education a fixed component," said Schaufler when asked whether he was in favor of finance as a school subject.

In the survey, which was conducted by the market and opinion research institute Ipsos between November 21 and December 1, 2023, around 70% of the 3,200 adults who took part stated that they regularly put money aside. Overnight money and fixed-term deposits are by far the most popular. A good quarter of savers (26%) also buy securities, according to their own statements./ben/DP/jha