Poles who managed to save money in the past year rarely decided to try to multiply their capital. Only 29.7% have invested, according to Tavex’s latest report, “Poland’s Financial Climate – the Post-Pandemic Value Shift.” With the prevailing perception of increased investment risk associated with economic challenges, the fear of losing money factor inhibiting the propensity to invest has become significantly more important.
The reason for the low interest in investments among Poles in 2021 was the belief that they do not have sufficient financial resources. As many as 43.2% of people believe so, according to the report “Poland’s financial climate – the post-pandemic value change” by Tavex. In second place was lack of relevant knowledge (17. 7%).
In 2021, investment courage was an attribute of the young. It was those in the age group (up to 24 years old) who most often said they were successful in investing (40.3%). Money multiplication was of similar interest to those aged 25-34 (37. 5%). Interestingly, young people last year. have often chosen risky asset classes. However, it is worth noting that they were also interested in classical solutions.
“We can see from our research that young people are more open to taking investment risks. The global bull market, which has spread to most of the most popular asset classes, has further encouraged them to broaden their knowledge of financial markets and investment activity,” Aleksandra Olbryś, Gold Market Analyst, Tavex.
Tavex’s survey results are in line with the National Bank of Poland’s data regarding the positive relationship between education level and activity in investment markets. Respondents who reported having a college education were the most likely to attempt to multiply capital.
In the Tavex survey, more than 84% of respondents express concern about the scale of price increases. Moreover, Poles are pessimistic about this issue – as many as 46.5% of respondents believe that we will end 2022 with an inflation rate above 8%.
The deterioration in the financial situation of Poles, evident in the Tavex survey results, is illustrated by data from a study conducted by the Warsaw School of Economics in cooperation with the Federation of Consumers and ABR SESTA. They show that the financial situation of more than half of Poles has deteriorated due to the COVID-19 pandemic. At the same time, Poles’ financial obligations have increased – 13% of respondents said they had to take on additional debt due to the pandemic.
Tavex Sp. z o.o. is a leading precious metal dealer that also offers currency exchange and payment services at the best terms. TavexGroup was founded in 1991. Its clients include individuals, top income clients, companies of all sizes, and financial institutions. Tavex has branches in nine European countries and serves an average of 1.3 million customers per year.