Slovenians now hold EUR 30 billion in bank savings, most of it in sight deposits earning very low or no interest. When asked why, people often point to negative experiences with investing in Slovenia in the past. But those events took place some twenty years ago, and today even the average Slovenian has access to securities from around the world at very low cost. Past experience with the domestic market can therefore hardly be the main reason.

A more likely explanation is that Slovenians tend to rely on the state to provide for them, both today and after retirement. What many overlook, however, is that their purchasing power could decline significantly if they rely solely on the state pension. Similarly, the data suggest that Slovenians are generally underinsured, perhaps with the exception of car insurance.

My aim is to encourage people to think more carefully about their own financial future. For some, keeping money in a bank deposit will still be the optimal solution. For many others, however, accepting a somewhat higher level of risk opens up considerably better alternatives. These may include investment funds, including ETFs, individual securities, including through individual investment accounts (INR), supplementary voluntary pension insurance, or other forms of investment.