One in two people in Switzerland say they are unable to put money into savings

All of us understand the importance of putting aside money into savings, but a good half of the Swiss population say they are unable to save any money at the moment, according to a new survey. 

Just 47 percent in Switzerland say they managed to save money this year

Although 79 percent of those surveyed said they considered saving money important, only just less than half (47 percent) said they had actually managed to save any money in the past six months. This is the headline result of a new survey conducted by Baloise, an insurance company, and the market research institute YouGov. 

A representative sample of approximately 2.000 people across Switzerland between the ages of 15 and 79 were asked about their savings, retirement plans, and understanding of various financial topics. 

The survey found that women were more likely to see saving as important than men (82 percent versus 76 percent), and that German-speaking Switzerland is the country’s leader when it comes to savings, with 50 percent of respondents saying that they save money, compared to 41 percent in French-speaking cantons and 31 percent in Ticino. 

Saving for unexpected expenses, property purchases, and retirement

Of those who are able to save money, 47 percent said that they save up to 1.000 francs each month. The majority (71 percent) said they saved for unexpected expenses, but saving up to buy a house was also cited by 19 percent of the under 30s group. Early retirement was another frequently cited reason for saving. 

71 percent of savers said they had a traditional savings account, while 52 percent said they contributed to a conventional 3a account. Around a quarter of respondents (24 percent) said they invest in equities or ETF savings plans. This was a very popular option among 15 to 25-year-olds, with 39 percent of this age group saying they invest.