Pandemic savings and 'impending' recession

Gorteen

It has been acknowledged that there have been significant additional savings during the pandemic, largely because of reduced spending opportunities.

There is also considerable discussion of a possible recession fuelled by rising inflation, government costs associated with Covid, increasing fuel / energy prices which may make it more likely that those 'pandemic savings' are at risk in a deteriorating economic situation.

What sort of measures should those people who are fortunate enough to have savings take to protect their finances?

Geuze

How are deposits at risk?

You mean the real value of deposits is falling, as the real interest is negative?

c_donno

https://www.boards.ie/discussion/comment/119322812#Comment_119322812

Perhaps any cash on deposit over the bank guarantee is at risk?? Also inflation is chewing into any cash savings.

Robotfarmer

Where should we invest small amount of savings 1-10k?

Low risk - Bank? Which Bank

Stock market

Currencies

Precious metals

Let me know your thoughts?

c_donno

https://www.boards.ie/discussion/comment/119369001#Comment_119369001

Banks give you no returns

Sock market is trending downwards across most major indexes

I know nothing about FOREX

https://www.boards.ie/discussion/2058250069/uganda-discovers-31-million-tonnes-of-gold-worth-12-trillion#latest 😂

When you figure it out let me know too 😁

Gorteen

https://www.boards.ie/discussion/comment/119322812#Comment_119322812

Amounts above the bank guarantee...

HerrKuehn

https://www.boards.ie/discussion/comment/119369959#Comment_119369959

Spread between multiple banks perhaps. I am not sure the recession is a significant risk for bank defaults if that is what you are thinking. During the bank collapse here I moved most of my money (couple of hundred K) to German banks as I felt there was a risk there could be a bail-in or something of the sort. Not sure anything like that is on the cards now though.