Poles are not eager to save
Aktualizacja: 6 maj 2019
Poles are not eager to save – the Polish Bank Association research.
According to The Polish Bank Association research, only 35% of Poles save money following their own financial plan, but most of them - 60% - save in an irregular way. 40% of Poles declare that they prefer to spend money rather than save it. The reason is the fact that their saved money probably will be spent on unexpected expenses.
Poles usually save mainly for a ‘rainy day’ and every fourth of the bank's clients saves without any specific purpose. In addition, 20% of Poles do not plan to save in a perspective longer than half a year. Only 12% of respondents intend to spend money on travelling or larger purchases of consumer goods. Moreover, the bank customers take cash loans mainly to purchase larger consumer goods, such as cars. 15% of customers decide to take a loan to support their budget.
The low propensity to save is influenced by, among others, low level of economic knowledge. A positive signal may be the growing savings rate in Poland, which, according to OECD data, amounted to 1.82% in 2017. According to forecasts, the savings rate in 2019 is to reach 2.5%, and in the next two years to increase to 3.6%.