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Deposit strategy an opportunity to challenge traditional players
The coronavirus (COVID-19) pandemic led to the accumulation of a large stock of householdigsavings across advanced economies, significantly above what has historically been observed.
In ordinary times, Europeans save around 12 percent of their income. But as families stayed athome and furlough schemes supported income during the pandemic, this savings rateincreased sharply. European families saved almost 19% of their income during 2020 and 2021.
The IMF estimates that European households saved nearly 1 trillion euros more than they would have had, if the pandemic had not happened. However, these savings may not be released backing the economy as expected. The uncertainty of Omicron means households may hold onto their savings for longer.
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The C-Innovation Team