Cryptocurrencies are increasingly prominent among savings tools. Cryptocurrencies ranked 7th among investment vehicles in the first quarter of the year and rose to 4th place in the second quarter.
The second quarter 2021 results of the Savings Trends Survey, which tracks the savings trends of individuals aged 18 and over in urban settlements in Turkey, were announced. The savings rate of individuals in Turkey is well behind developing countries. The research shows that the cheap credit policy carried out under pandemic measures last year also started to fall again, with savings ownership increasing above 20% for the first time in many years.
THIS YEAR’S LIST
Accordingly, the savings ownership rate was 18.3% in the second quarter of 2021, up from 20.2% in the third quarter of 2020. The interest of individuals in cryptocurrencies as an investment tool in Turkey is also observed in the results of the research. Cryptocurrencies, which were included in the survey for the first time in the previous quarter, were the most high-risen savings tool with 5 points in the second quarter. Cryptocurrencies, which entered the list from 7th place with a rate of 5% in the first quarter, rose to 10% in the second quarter, while they took 4th place with the TL futures account.
“WE’RE NOT ENOUGH”
According to Turkey’s Savings Trends Survey conducted in collaboration with ING Turkey and Ipsos Research Company, the most preferred savings tool was private pension funds and under-pillow gold and cash with 21%, followed by in-system gold with 14%. Among the reasons for not being able to save, “lack of income to save” (80%) and “debts” (12%) were the two most important reasons, the study said. Individuals who respond to a lack of income emphasize that they experience a lack of income (72%) due to basic expenses. Among the reasons for saving, the element of investing in the future stands out with 50%.
Children’s anxiety about the future comes to the fore
According to the study, savings ownership in individuals with children increased by 2 points compared to the first quarter of 2021 to 16%. Among those who saved, the proportion who saved “for their children” increased by 5 points to 25%. The “investing in the future of my children” criterion, which is the first of the reasons for saving for their children, increased by 4 points to 57% this quarter.