The CEO of ALPHA Asset Management, Panagiotis Antonopoulos, spoke on Naftemporiki TV about the savings of Greeks in deposits and real estate.
“Greeks are well informed about interest rates,” he said, adding that “we are actively looking for high interest rates and higher annuities.”
Mutual funds
Regarding the shift of investors to mutual funds, Antonopoulos commented that “due to the crisis, until 2020, the capitals we managed through mutual funds had only decreased to the level of 8 billion, while in the last 4 years there has been a recovery by 12 billion.”
“The biggest part of the 12 billion is placements in the so-called income mutual funds. That is, money market and bonds,” according to the data he presented.
The structure of household wealth
In addition, he stated that 85% of the assets of Greeks are in real estate and deposits. As he pointed out, the Greeks have real estate and money in the bank.
However, due to ownership, many of the properties are not investment properties.
Long-term financial investments are only at 5%
“The long-term financial investments are very small (5%) when in Europe they are at 19%,” Antonopoulos stated.
“We need to educate ourselves early on, increase financial literacy and reduce illiteracy,” he noted, while referring to projects that have been launched by both private entities and the state, most importantly the National Coordinating Committee for Financial Literacy.
