On the occasion of World Savings Day, the Mesimeri and Kati show hosted the financial analyst, Giorgos Hatzigiannis, to give advice to citizens on how to save money.
He initially mentioned that people should save for difficult times, it is a practice that we all have to follow and not many people in Cyprus know about it. "Especially for Cyprus, we should point that out. Saving is a basic rule," he emphasized.
Asked to answer if Cypriots save, he replied that, no, it is not part of his culture and this was evident in 2013. "Most households were over-indebted, loans were more than deposits and in the crisis of 2013 they could not cope", he added.
He noted that saving does not mean simply depositing in a bank, there are many pension plans, many investment plans that an individual can do. "The important thing is for the family and the business to see what resources they can put aside each month or each year and have a good budget," he said.
Mr. Hatzigiannis added that there is also the option of a standing order that automatically receives an amount for savings as well as investments.
"Saving starts from the moment you put some amount on the side, from then on how you will invest this income, whether you put it in the bank with a very low interest rate with almost zero risk, or the purchase of government bonds with low risk but also low benefit or to increase the risk and at the same time the return," he said.
Regarding mobile apps that promise high interest rates, he said that in order to trust someone you have to do your research and then put your money down. "What we shouldn't do is get carried away by various advertisements or easy solutions when it comes to increasing our savings," he concluded.
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Source: Sigmalive