Nov 13, 2023

NEW SURVEY: Over Half of Czechs Save Less Than CZK 2,000 Each Month

A recent Ipsos study for Creditas Bank uncovered that every sixth person in the Czech Republic can only set aside a maximum of five hundred crowns each month.

Half of the respondents don’t save even CZK 2,000 a month, and a third of households have savings ranging from one CZK 100,000 to half a CZK 500,000.

The study also disclosed that almost half of the respondents admitted their savings wouldn’t cover a three-month interruption in income.

Approximately one in five are striving to save for housing. However, those who do often mishandle their savings, depriving themselves of potential returns. “Seven in ten respondents keep their savings in cash or a current account,” warned Ivana Pícková from Creditas.

She cautioned that a million crowns deposited in a non-interest-bearing current account would earn nothing in a year. Depositing the same amount in a savings account would yield around CZK 50,000 annually at today’s average interest rates.

The most popular saving tools are cash, with 71% of people having savings, and savings accounts used by 69% of respondents.

This is followed by state-subsidized products, such as pension savings, building savings, and investment funds. Pension insurance is held by 64% of respondents, and making savings by 39%.

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The survey also found that women save less than men. Residents of Prague hold the highest savings. However, in the capital, there is also the highest proportion of those who do not save anything: every tenth Prague citizen.

The most frugal age group, in terms of monthly deposits and the volume of savings, is people between 45 and 53 years old.

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