How uncertainty shapes savers’ behaviour and why deposits remain

the foundation of personal finance

In recent years, the global economy has faced one shock after another: the COVID-19 pandemic, high inflation, the energy crisis, supply chain disruptions, and geopolitical tensions, with the war in Ukraine standing out in particular. This kind of environment increases the sense of vulnerability and encourages caution among both households and businesses. As uncertainty rises, people naturally turn to forms of saving that offer stability and quick access. One of the clearest results of this behaviour is the renewed boom in bank deposits, both in Slovenia and across the euro area.

Uncertainty as a driver of conservative saving

When the sense of risk increases, the way people manage their personal finances changes as well. People become more cautious, reduce exposure to risky investments, and give priority to liquidity. The Slovenian saying “Save for hard times” captures this mindset perfectly, and it becomes even more pronounced during periods of crisis. In such circumstances, bank deposits offer a sense of control, predictability, and safety, since the funds are protected from sudden market swings and are always available when needed.

Growth in deposits in Slovenia and the euro area

Slovenia: a sharp jump in 2024-2025

Data from Banka Slovenije show that households increased the volume of deposits by as much as EUR 1,2 billion in the first ten months of 2025, almost three times more than in the same period a year earlier. Year-on-year deposit growth reached 5,7% in October 2025, which is above the euro area average. Deposits once again became a “safe haven” for excess funds, while businesses also preferred to keep liquidity in their accounts because of uncertain conditions instead of directing funds into risky investments or capital spending.

The European Central Bank reports a higher household saving rate, driven by rising real incomes and the desire for liquidity in uncertain conditions. Although these trends are present in most euro area countries, Slovenia stands out because of its long-standing trust in the banking system, built through past financial and economic crises, and because of strict regulation that strengthens the sense of safety.

Psychological and cultural aspects of saving

Bank deposits are not only a financial decision, but also a psychological one. In times of uncertainty, people seek the feeling of stability that comes with money being stored safely. Deposits reduce anxiety because funds are protected up to EUR 100.000 per depositor, while also allowing immediate access, which strengthens the feeling of control over one’s own finances. Slovenian culture traditionally encourages prudence, solidarity, and long-term thinking. The saying “We save for the future” nicely reflects how saving is often a family and intergenerational value passed down from one generation to the next.

Advantages of bank saving

Bank saving remains popular mainly because of its safety. Deposits are protected up to EUR 100.000 per individual depositor, which provides a high degree of protection. In addition, funds are quickly accessible, which is crucial in periods when conditions change rapidly. Opening an account or a deposit is simple today and can often be done in just a few minutes via online or mobile banking. The banking system in Slovenia operates under the strict supervision of Banka Slovenije and the European Central Bank, which further strengthens trust. In addition to basic deposits, banks also offer fixed-term deposits, promotional interest rates, and loyalty programmes that can improve returns.

Drawbacks and how to reduce them

The biggest drawback of bank deposits is low interest rates, which reduce the real value of savings during periods of inflation. However, this does not mean deposits are not sensible, only that they should be part of a broader financial strategy. It makes sense to combine the safety of deposits with other forms of investment that allow for higher returns. Short-term deposits can preserve liquidity and allow quick adjustment to interest rates, while gradual investing reduces the risk of entering the market at the wrong time. The saying “Better a sparrow in the hand than a pigeon on the roof” describes the Slovenian way of thinking well, but modern financial planning shows that it makes sense to have both: safety and growth potential.

Social and cultural context in Slovenia

Slovenians have traditionally saved a great deal, which is also confirmed by data showing an above-average share of deposits compared with other EU countries. This is supported by experience from past crises, a high level of trust in banks, precautionary motives, and a strong intergenerational transmission of values. Saving is therefore part of Slovenian identity, not just a financial decision. In times of uncertainty, this cultural characteristic becomes even stronger, which explains the marked growth in deposits in recent years.

Conclusion

In periods of uncertainty, bank deposits remain one of the safest, most liquid, and easiest-to-understand forms of saving. Although they do not deliver high returns, they offer something invaluable in times of crisis: a sense of calm, stability, and control over personal finances. The saying “Those who save do not fear the future” therefore remains just as relevant in the modern financial world.

Sources:

  • Banka Slovenije, Information on bank operations with commentary, December 2025 (data through October 2025).
  • ECB, Economic Bulletin 2024/2025.