World Savings Day marked: it is important to give new generations knowledge about saving for the future

The President of Hanfa Board Ante Žigman participated in the round table on the occasion of the World Savings Day, which took place at the Croatian Chamber of Economy on 27 October. The participants at the round table discussed the macroeconomic framework and current trends in terms of various forms of savings and investments, with special emphasis on the state of deposits by counties, as well as the importance of continuous improvement of financial literacy in society, especially among young people.

In his presentation, Ante Žigman pointed out that the latest results of the financial literacy survey in Croatia show that as many as 95 percent of surveyed citizens are aware of the impact of inflation on their lives. While only 25 percent of citizens live for the day, not thinking about the future, 33 percent prefer spending money rather than saving in the long run.

“Inflation has inevitably impacted the possibility of saving for a part of the population, but it is important to continue to educate, especially young people, through financial education programmes, about the importance of personal long-term savings in order to achieve the right to a dignified life in retirement. Almost the entire European Union is facing the huge challenge of an ageing population, and saving money should be seen primarily as a habit that we nurture from an early age. It is also important for young people to recognise all investment risks offered to them via social media with promises of high profits and not to fall for online financial fraud. This is all part of the knowledge that needs to be given to new generations when we talk about saving for their future,” Žigman said.

Goran Šaravanja, Chief Economist at the Croatian Chamber of Economy, presented analyses of household sector deposits by counties.

Maja Bukovšak, Head of the Macroprudential Policy and Financial Stability Department of the Croatian National Bank, stressed that increasing income growth and slowing inflation allow households to gradually restore savings.

The participants in the panel discussion on savings in current conditions and the importance of financial literacy were: Ivan Jandrić, Member of the Board of Addiko Bank and President of the Association of Banks and Other Financial Institutions of the Croatian Chamber of Economy, Eva Horvat, Member of the Board of Raiffeisen Mandatory and Voluntary Pension Funds Management Company and President of the Pension Funds Group of the Croatian Chamber of Economy, Goran Banjanin, Member of the Board of ZB Invest, Ivana Žepić, Head of the Financial Markets and Financial Literacy Sector of the Ministry of Finance, and Tomislav Gračan, Member of the Management Board of the Zagreb Stock Exchange.


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