41 percent due to rising prices. Poles state that they are currently saving less, namely 13 percent. therefore saves more.
This is the outcome of the ING report ‘Financial health of Poland’.
“Due to rising prices, a whopping 41% of Poles confirm that they are currently saving less, and 13% are saving more for this reason to prepare for even bigger increases in the future.. Rising prices not only affect the Poles who save money, but also, above all, their current spending. According to the survey, most Poles now spend a much larger share of their income on food, groceries and energy than they did five years ago. In the opinion of the respondents, this trend will continue in 5 years. In addition, in the future (over 5 years) 52 percent. Poles expect higher tax rates, 49 percent. higher interest rates on cash and mortgage loans, and only 33 percent. assumes that interest rates on savings products will also rise.
When asked when, in their opinion, headline inflation in Poland will return to a level that can be considered price stability, namely 27 percent. indicates that this will happen within a period of one to less than three years.
The trend to reduce costs
“The negative impact of high inflation on our finances and the whole economy is evident in the latest data from the whole economy. For years, consumption, ie household spending, has been the driving force behind economic growth. Unfortunately, high inflation has led Poland to cut their spending by three quarters. It happens extremely rarely, in the last almost twenty years, i.e. since joining the EU in mid-2004, household spending has decreased only in one economic cycle, around the turn of the year 2012 and 2013,” said ING Bank Chief Economist Śląski Rafał Benecki , quoted in the post.
In order to maintain or improve their financial situation, six out of ten Poles declare that they consciously spend money and shop. In addition, almost halfway and regularly analyze their income and expenditure (46%). In turn, 42 percent of respondents plan a monthly budget, and 37 percent. controls and/or reduces debt.
35% of Poles regularly declare savings, 34% only occasionally. Only a quarter of Poles look for financial information on their bank’s website or application, 11% never do and 24% rarely talk. about their finances with experts, advisers or advisers.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
