In one of the cyclic Provident Barometers, Poles were asked about their financial plans for 2024 – as part of New Year’s resolutions, as many as 42.5% of them intended to save more. The year is slowly coming to an end. On the occasion of the celebrated Saving Day on October 31st, Provident Polska analyses how, in practice, Poles’ habits of accumulating financial resources look.
-“At the turn of 2023 and 2024, we had big plans. As per the Provident Barometer, the expenditures, which the Poles intended to limit in 2024, included dining out or takeaways (as indicated by 42.7% of savings planners), entertainment and culture (29.7%), or savings at home, such as bills (26.6%). Meanwhile, every fourth respondent wanted to save on vacation trips or clothing purchases,” says Karolina Łuczak, Spokeswoman of Provident Polska.
The majority of Poles try to set aside a portion of their financial resources at the end of each month. According to research by Kantar, conducted on behalf of IPF Group, the owner of Provident Polska, over 60% of respondents save every month. About 40% do so regularly, but without a specified amount to put aside, while every fourth sets a fixed sum for this purpose every month. The most consistent savers are people aged 35-44, where as many as 73.1% save every month. Another group that is consistent in managing their budget is men – 67.4% regularly save compared to 54% of women.
-“There’s been much talk about the importance of a financial cushion, which protects us in case of losing our main source of income or encountering sudden, unplanned expenses. At the minimum, it should account for the equivalent of three months’ expenses, and ideally six months. Our study showed that as many as 49% of respondents have accrued funds sufficient for at least six months, and 13% for three months, which speaks well of Poles’ financial habits,” says Karolina Łuczak. “What’s important is that Poles are becoming more systematic in saving, and the number of people who save every month is constantly growing – according to this year’s edition of the study, it is already 60.6% of Poles. Two years ago, it was just slightly over half of the respondents (50.6%), and in 2023 it was 53.8%,” she adds.
At the same time, 14% of respondents didn’t accumulate any additional funds during the last 12 months.
More than one-third of respondents report that at the end of each month, after deducting expenses, they still have an amount of money exceeding 20% of their income. This response is given more frequently by men (41.5% vs. 32.6% of women) and people who save regularly. As for the age of respondents, the least likely to declare such a situation are people aged 45-54, and the most common response is from the youngest. Simultaneously, 45% of respondents have a small sum left, and almost 10% of respondents declare that, after taking into account expenses, they have no funds left at the end of the month.
-“Good saving habits and home budget management are closely related. People who have surplus funds at the end of the month more often have a habit of regular saving – as many as 88% of respondents with a large budget surplus save every month. This is also declared by 54.9% of respondents with a small surplus,” observes Karolina Łuczak. “We have also observed another optimistic trend – the number of people who have over 20% of their funds left at the end of the month is gradually increasing. In 2022, 23.8% of respondents declared this, last year it was 33%, and in 2024 it is already 37%,” says the Spokeswoman of Provident Polska.
The ability to save often goes hand in hand with knowledge about finances. Almost 70% of people convinced of their familiarity with financial products and services save every month. Meanwhile, among those who have doubts about their knowledge, this percentage is just under 53%, which is a significant 17 pp difference.
About the survey:
The survey was conducted by Kantar Polska using the CAWI technique on a sample of 500 Poles aged 18-75. Interviews were conducted on behalf of International Personal Finance.
Source: https://managerplus.pl/jak-polacy-oszczedzaja-barometr-providenta-o-finansowych-nawykach-i-wyzwaniach-na-2024-rok-13379
