Bulgarians keep over 90% of their savings as bank deposits, which is three times higher than the average for the citizens of other European Union countries, a survey shows.

The remaining 10% of their assets are distributed among pension funds, stocks and other types of financial instruments, according to a survey of investment company Pioneer Investments, based on data of researches by Cap Gemini and Merrill Lynch.

Estimates have shown a significant difference in the distribution of savings in Bulgaria and Europe. For comparison, in Europe, people kept below 30% of their money in deposits. About 35% of their investments are in pension and insurance funds and the rest of the savings are directed towards capital markets.

According to the analysis of the company rich people in Europe will increasingly invest in shares - 35% of Europeans' assets are expected to be invested in this financial instrument by the end of the year.

Culturally Bulgarians are very far from the typical Anglo-Saxon high level of indebtedness and are pretty conservative in this respect.

Over the last eighteen months banks have reported  a significant growth of deposits, a fact, which means that Bulgarians think twice before going for credit.

Bankers, who have been preaching modest conservatism since the crisis set in, say this is a good sign because it shows that clients have adopted a prudent approach as well.