Almost 80 percent of Poles save money, but still use it spontaneously, 21.7 percent. According to the Provident Barometer, people regularly save a fixed amount.
“The research shows the responsible way in which Poland handles the budget and builds up a financial buffer. There has also been an improvement in consumer sentiment and an increase in the sense of security among respondents. Most of them are still saving money for worse times – as many as 58.5 percent – but it is already 5.4 percentage points less than last year. At the same time, 30.6 percent of people are saving for trips and excursions, which is 8.3 percentage points more than in the previous edition of the survey,” said Karolina Łuczak, spokeswoman for Provident Polska, quoted in the press release.
Vacations are a savings goal, especially for the youngest respondents; this answer was given by every second person between 18 and 24 years old (51.8%). We also like to spend our savings on renovating and furnishing the apartment (19.6%), on children for the future (12.2%) or on the purchase of a car (11%). Women are more likely to save for real estate purchases, travel and education, while men spend the money they accumulate on home appliances, products related to pursuing their passions or starting their own business, it was reported.
Money in the bank
According to the research, Poles most often place their savings in savings and checking accounts; half of the respondents decide to do this. Compared to the previous year, the interest rate on deposits has increased (25.8% versus 19.4% in 2022) and the choice of deposits as a savings method increases with age – this answer was given by 15.3%. the youngest and 32.8 percent the oldest respondents. Moreover, more than every fourth Pole keeps the money he saves in the proverbial sock. This is most often done by young respondents between 18 and 34 years old; as many as 42.1 percent indicate that this is the case. theirs. When it comes to investing, women are more likely to choose bonds, and men are more likely to choose investment funds.
The research also shows that when making decisions about investing savings, a satisfactory minimum annualized profit rate is 5-10%. in the case of 26.8 percent people and 10-15 percent per year for 24.6 percent, as much as 23.2 percent. respondents do not know what profit to expect.
Poland’s savings
“Research shows that most consumers take a common sense approach when it comes to growing their savings. Every second person surveyed would be happy with profits ranging from 5 to 15 percent per year. Only 1 in 10 people would expect a profit of more than 20 percent per year. Our attention But it draws attention to the fact that almost ¼ of respondents have difficulty determining the expected return on investments. Young people dominate this group, up to 24 years old. In a sense, this is a quite natural phenomenon, because the youngest people usually have no experience in investing savings and do not understand financial instruments, but at the same time it also poses a great threat to them: the risk increases that they, tempted high profits from false investment offers, will be inclined to trust them,” says Dr. Anna Mloston-Olszewska, President of the Foundation for the Development of the Financial Market.
Nearly 30 percent respondents believe that a person with a similar family and living situation should have savings ranging from PLN 1,001 to PLN 5,000, while 27.5 percent claim that the financial buffer should exceed PLN 10,000, while every fourth respondent will be satisfied with a maximum of PLN 1,000. The median of the answers based on the Barometer is 5,000 PLN, but if we look at the trimmed average (after cutting off the 5% of the lowest and 5% of the highest answers) it amounts to 10,980.79 PLN. It is striking that only half of the respondents actually have savings for the amount they indicated. Also, almost every fifth (19%) of respondents think it would take them six months to a year to save the above amount again. 15 percent Three months to half a year would be sufficient, and a few less (14.9%) would take two to three years, it was also stated.
The Provident Barometer is a cyclical survey among Poles that provides a better insight into consumers’ financial behavior and decisions. The research was conducted by Danae sp. z oo using the CAWI method on a sample of N = 1,002 adult Poles, in October 2023.
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.
