“A few years ago, half of Poles reported having problems in covering unexpected expenditures. Today such a problem is raised by just a third of respondents, which is close to the EU average,” research by “Open Finance” found.
A similar picture emerges when we examine savings, 70 percent of both Europeans and Poles reported possessing some form of savings. However, whereas in Poland these savings amount to just 5 percent of income, in the Czech Republic savings account for 10 percent of income, and Germans and Swedes save about 20 percent of theirs.
The reasons for the rise in savers and savings in Poland is related to rising incomes and the existence of the universal child benefit (500+)
The reasons for the rise in savers and savings in Poland is related to rising incomes and the existence of the universal child benefit (500+), say “Open Finance”. The rise in incomes has also led to the number of people finding it impossible to fund holidays falling from 62 to 38 percent.
The rise in incomes and a rise in employment has led to an annual increase in average pay by 7.7 percent. The rise in the number of those in employment is of the magnitude of 3 percent over the same period.
According to “Open Finance”, disposable income now has one third more to spend than three years ago and double what it was ten years ago. However, this has also led to Poles falling into debt. According to “Open Finance”, since 2017 Poles have every month been spending increasing amounts on taking out mortgages.