More Finns saving, investing money

More people in the country are saving money sensing possible uncertainty following the coronavirus outbreak.

An increasing number of people are saving or investing more than 400 euros a month, reported national broadcaster Yle quoting Karri Alameri, Business Director of the Savings Banks Group.

Head of the Nordic Savings and Investment unit of Nordea Bank, Tanja Eronen told Yle that on an average every adult is saving or investing about EUR 300 per month.

According to Eronen, people normally do not start to save before the age of 40s and become more active to save money at the age of 55 to 65 years.

Referring to a survey conducted by OP Financial Group in early this year, the report said that 70 percent of people in Finland save or invest, 47 percent doing so regularly and 23 percent occasionally.

Kai Kalajainen, director of wealth management at OP told Yle that men are more likely to save for their retirement years, particularly between the ages of 50 and 64.

“Many people would like to save money but feel that they don’t have any extra money to do so,” the yle report added, quoting Kalajainen as saying.