“Every second Pole (52.1 percent) indicates that they would try to pay all the bills, but would save in other areas of life,” when asked what they would do if rising living costs caused their financial situation to worsen so much that they couldn’t fulfill all their fixed obligations. This study named “Polish household wallets under the pressure of rising prices” was conducted on behalf of the National Debt Register Bureau of Economic Information and shows that these restrictions will most often affect clothing, and least often medicines.
In recent times, we’ve been experiencing a series of price increases, and there are indications that this might not end anytime soon. So, what happens if rising living costs make it impossible to fulfill all fixed obligations? The National Debt Register asked Poles this question.
Bills are a larger priority for women than for men
The majority of Poles polled by the NDR typically prioritize their obligation to settle their financial duties on time. Over half of the respondents (52.1 percent) declare that even if they can’t pay all bills, they will still try to do so, but at the expense of expenditures in other areas of life. Almost every second person (46.1 percent) also admits that in response to the worsening of their financial situation, they will seek additional income sources or a better-paying job. One-third (32.2 percent) will give up, for instance, their gym or swimming pool memberships, and every tenth (10.2 percent) will inform service providers about their financial difficulties and try to negotiate new repayment terms.
“Our survey was participated in by 1001 adult Poles aged 18-74, who either personally or together with other household members pay bills. Thus, their sense of financial obligation is higher than, for instance, other family members’,” comments Adam Łącki, President of the National Debt Register Bureau of Economic Information. “More than half declare that despite adversities, they will try to pay all bills. However, a detailed analysis of the results shows that among women there is a somewhat higher tendency to settle all bills, while men more often declare that they will pay only selected bills or with a delay, or only when possible. It is therefore visible that women treat bills as a higher priority than men.”
Seniors are proud and independent
But differences in responses occur not only in gender breakdown. It turns out that people from older age groups and seniors have the greatest inclination to limit expenditures in other areas of life in order to pay all bills, should the financial situation of the household significantly worsen. In the group of 55-64 years olds, 61.1 percent make such declarations; among the oldest (65-74 years old) the number is even higher – 73 percent. At the same time, the least inclined to inform service providers about their financial issues and try to negotiate new repayment terms were these categories (9.2 and 11.3 percent respectively).
Such behaviour is identical to what we observe during conversations with debtors. Particularly, older people and seniors show a great deal of pride and independence in dealing with debts. They think that they can handle the problem themselves and often do not want to accept help from a negotiator offering an optimal repayment plan. First and foremost, it is always worth undertaking a dialog with the creditor.
Clothes and the cinema will be side-lined
Those who declared in the NDR survey they would try to pay all bills, but in turn would save in other areas of life, most often point to clothing (78.5 percent) as the area where they would make savings. Cuts will also be made in entertainment – 73.6 percent intend to give up going to restaurants and the cinema, and holiday plans – 70.1 percent. Every second person (50.6 percent) will save on additional classes (by reducing their number or buying a smaller pass), and 40 percent will tighten their belts literally – there will be savings on food. The last thing they would want to give up or limit in order to pay all the bills on time is medicine. This would be the choice of every tenth respondent (10.9 percent).
The “Polish household wallets under the pressure of rising prices” study was conducted in the third quarter of 2024 on behalf of the National Debt Register Bureau of Economic Information, by IMAS International, on a representative group of 1001 adult Poles aged 18-74, who either personally or with other people pay bills. The interviews were conducted using the CAWI method.
Source: https://managerplus.pl/rosnace-koszty-zycia-polacy-oszczedzaja-na-ubraniach-i-rozrywce-by-oplacic-rachunki-15933
