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    Saving habits of Poles improve in the face of increasing expenses

    Estimated reading time: 2 minutes

    A survey has revealed that 20 per cent more regular Polish savers have set aside additional funds as inflation has reached levels not seen since the 1990s in Poland.

    In January 2023, the Central Statistical Office reported that the prices of consumer goods and services had risen by 17.2 per cent year on year.

    About 38 per cent of Poles are regular savers, indicated an IBRiS survey for Santander Consumer Bank, published on Tuesday.

    20% of people said the current crisis has caused them to save more money, 23% said the current situation hasn’t affected their saving habits, and 57% are saving less.

    Magdalena Drazkowska of Santander Consumer Bank remarked that Poles aged 50-59, who are soon to retire, are the only age group in which the majority of respondents save money – as many as 62% of them save regularly.

    In the youngest group, aged 18-29, only 19 percent are regular savers, she added.

    58 per cent of people with a university education are likely to save money, compared to only 23 per cent of those with basic education.

    82% of those who earn more than PLN 7,000 (EUR 1,484) per month save money, compared to only 54% of those who make PLN 5,000-6,999 (EUR 1,060-1,483) per month. This indicates that high earners are more likely to save than low earners.

    It is understandable that 90% of people who earn a monthly salary of 2000 Polish Zloty (EUR 424) or lower are unable to save anything.

    28 per cent of those who have created a savings cushion have saved more than five times their monthly salary, and 11 per cent have saved the same amount as their one-month salary.

    IBRiS ran the survey on 1,000 adult Poles in January 2023. 

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