Tại sao người Ba Lan không sử dụng các hình thức tiết kiệm hiệu quả?

From the last available analysis on portalu analizy.pl, it can be seen that the financial savings of Polish households in Q1 2023 exceeded 2 trillion PLN. Cash and deposits together account for approximately 1491 billion PLN, or about 75%. Meanwhile, retail treasury bonds amount to only about 95 billion PLN, which is less than 5%!!!!!! From my personal experience, a portfolio consisting of ⅓ EDO and ⅔ COI over the last 2.5 years has yielded a net return rate (after deducting Belka tax) of 30%. The average annual CPI inflation was: in 2021, -5.1%, in 2022, -14.4%. If the average annual CPI reaches 12% in 2023, the cumulative inflation over three years will be about 34,66% (average of 11.55% per year). At the current pace of interest accumulation in my real portfolio, the net return rate over 3 years may be around 36% (12.00% per year on average). This means that retail treasury bonds will provide me with a real opportunity to protect savings from inflation at a similar risk level (compared to bank deposits), which cannot be said for savings accounts and time deposits. During a similar period, the temporarily best deposit offers did not exceed 10% GROSS, (the average interest rate was around 8.5% GROSS) usually for low amounts and for short periods of 3-6 months, with additional conditions such as new funds, new customers, and recently even a credit card included. It is worth mentioning, as indicated in the report above, that large amounts are accumulated in expensive and/or inefficient investment funds (Polish and foreign) and capital insurance funds - totaling about 255 billion PLN, while there are around 300,000 active brokerage accounts in Poland, held by only about 200,000 users. Why do Poles willingly pay distribution fees and/or redemption charges to banks (the largest fund distributors in Poland TFI), consciously or unconsciously reducing their own investment return rate? Few people realize that a distribution fee of 4% means that a particular fund must first earn around 4.2% for an investor to achieve a nominal return on the invested capital (10000 PLN*0.96=9600 PLN, → 9600 PLN*1.0416=10000 PLN), not to mention any real profit.