Alarming data for Poles. 17% of us have no savings for a rainy hour

Poles sit on a financial clock bomb, and the fuse becomes shorter. The latest survey by the Institute for marketplace and Social investigation (IBRiS) commissioned by Santander Consumer Bank sheds new, disturbing light on the state of our portfolios. Although at first glance the data looks optimistic – 2 thirds of us declare that it saves – the devil is in the details. And these details are alarming. Turns out 17% of Poles have absolutely no savingswhich means they live from pay to pay. For more than 1 million Polish households abrupt occupation failure or serious illness is simply a simple way to financial disaster.

Moreover, even among those who put down money, the situation is frequently far from ideal. 1 in 5 respondents admits that their financial provisions would be adequate to last a maximum of 3 months without income. This shows how fragile the feeling of safety of many Polish families is. Experts have no doubt: building a financial pillow is no longer a luxury, but an absolute necessity in these uncertain times. The IBRis study is the last bell to take a serious look at your finances.

Young Poles most exposed. Who lives from pay to pay?

Demographic analysis of IBRiS results reveals painful fact – the youngest Poles are in the most hard financial situation. In a group of people whose savings would last for a maximum of 3 months, 33% are people aged 18 to 29. This means that 1 in 3 young adults with tiny savings live in a state of permanent financial stress. 1 unforeseen situation, specified as occupation failure or sudden, large expenses, can deprive them of their shelter and stableness within respective weeks.

The situation is somewhat better in older age groups. Among people with a financial buffer of 3 to 6 months, Poles over 60 are dominant, representing 25% of this category. Many years of professional experience and life most likely taught them more foresight. In turn, three-year-olds (21%) prevail in the savings group for 7-12 months.

However, data on 17% of those surveyed who explicitly admitted that they had no savings. This is over a million households across the country that balance the edge of the financial gap. On the another side of the scale there are almost 20% of fortunate people, whose reserves let a peaceful life for over a year without any income. This shows a immense financial division in Polish society.

Security above profit. Where do Poles keep their money?

The Santander Consumer Bank survey shows that Poles are highly cautious in terms of savings management. We powerfully like safety over possibly advanced profits. Strength 74% of savers keep their money in their savings account. This is the simplest and safest form where money is full protected by the Bank warrant Fund (BFG) up to EUR 100 000.

The second most popular choice is bank deposits, which are decided by 49% of respondents. Like savings accounts, they offer BFG guarantees, but their profitability has been low in fresh years. More advanced financial instruments have much little interest. Only 18% of Poles invest in fiscal bonds, and only 13% of employees' capital plans (PPKs), investment funds or brokerage accounts.

Interestingly, despite the immense media noise, only 11% of the survey participants invest in cryptocurrency. This confirms the thesis that for the majority of Poles it is crucial to be sure. Almost half of the subjects found that Most crucial for them is the warrant of the preservation of capital. The interest rate is drawn to 41%, and to easy and fast access to money – 32%, which is logical, given the tiny reserves of most of us.

We're in the tail of Europe. Why are we saving so little?

Comparing the financial situation of Poles with the remainder of the European Union leaves no illusions – we are 1 of the least saving nations on the continent. According to the data, household savings rate in Poland is only about 5% disposable income. This is 1 of the lowest indicators across the EU.

In comparison, the average for euro area countries is about 15%. This means that the average household utilizing the euro puts down 3 times more than the Polish family. The difference becomes even more dramatic erstwhile we look at our western neighbor. W Germany is above 20%, which means that Germany saves 4 times more than Poles. These imbalances have real consequences – a higher savings rate is not only greater financial safety for individual families, but besides greater stableness and resilience of the full economy to crises.

Where do specified low savings in Poland come from? Experts point to respective key reasons. Firstly, inactive comparatively low income compared to life costs. Secondly, advanced inflation in fresh years, which has effectively discouraged money from being kept in low-interest accounts. Thirdly, possibly the intellectual effect of surviving on credit and wanting to consume here and now after years of sacrifices. As Mariola Kondek-Pasztetnik of Santander Consumer Bank emphasizes, “aware money management and financial cushion building is key to the resilience of the full household.”

How do you start saving? applicable steps to financial security

The results of the IBRiS survey may be sobering, but they should be motivated to act. Building a financial cushion is within everyone's reach, even with a limited budget. The key is systematic and changing habits.

Here are any applicable steps to aid build financial security:

• Start with tiny amounts: You don't gotta put down thousands right away. Start with 50 or 100 PLN per month. The most crucial thing is to make a habit of regular saving.
• Automate process: Set a fixed transfer order to your savings account in your banking application. Let the money “disappear” from your main account immediately after your withdrawal before you can spend it.
• Create a budget: analyse your monthly expenses. Check where the money is moving away. frequently giving up a fewer insignificant regular pleasures allows you to make a crucial amount per month.
• Set a target: The financial nonsubjective of the minimum should be to collect airbags equal to three times your monthly expenses. The optimal buffer is equivalent to six months. This amount will give you peace and time to find a fresh occupation in case of crisis.

Remember, each set aside is an investment in your future, independency and peace of mind. The IBRis study is simply a clear informing – it is time to take finance into your own hands before it is besides late.