In a recent survey conducted by the National Debt Register, the “Savings Barometer 2023” reveals that 21.8% of respondents have no savings at all. Over 24% have savings amounting to up to 5,000 PLN, while a nearly equal percentage has amassed over 20,000 PLN.
The study also highlights that 17.4% of respondents possess savings ranging from 5,000 to 20,000 PLN. Notably, more than one-third of those surveyed claimed that their savings increased in the last year, while an equal proportion reported a decrease. Of those whose savings decreased, 43% utilized them to cover daily expenses, with one-third financing unforeseen needs such as medical treatment or car repairs. Additionally, 29% spent their savings on home renovations, and 9% indulged in personal pleasures like travel or expensive clothing. The same percentage used their savings to pay off debts.
Concerningly, 35% of respondents believe their savings would only sustain them for a month if they were to lose their job or other sources of income. Meanwhile, 40% feel they could manage for up to six months. On a more optimistic note, every fourth respondent with savings believes they could survive for a year or even longer.
Adam Łącki, the CEO of the National Debt Register Bureau of Economic Information, commented on the economic conditions.
“The current economic conditions, on the one hand, do not favor saving due to high living costs, but on the other hand, they encourage saving.”
He noted that the scenario of increased living expenses and diminished consumer purchasing power had become a harsh reality for many.
Łącki emphasized the importance of responsible financial management, stating, “Striving to reduce debt reflects a responsible approach to managing the household budget. One cannot fulfill dreams of owning new electronic equipment or expensive trips if there are unpaid phone bills or overdue payments for a television. Allocating savings to debt repayment is a good step towards getting out of a financial hole.”
Jakub Kostecki, the president of debt collection company Kaczmarski Inkasso, echoed this sentiment, highlighting that debtors rarely exhibit such responsibility when negotiating with their company.
According to KRD data, the most indebted residents are in the Mazowieckie Voivodeship, with a total debt of 6.5 billion PLN. Silesian residents follow closely behind, accumulating nearly 6 billion PLN in outstanding obligations. Debtors in Lower Silesia hold the third position with a total debt of 4.3 billion PLN. Men bear the brunt of the debt, owing 33 billion PLN, compared to women who have 11.8 billion PLN in debt.
The study, conducted by IMAS International on behalf of the National Debt Register in November 2023, surveyed a representative sample of 1007 individuals aged 18-74 using the CAWI method.