39% want to save this year. Poles – according to the study “Your forecasts and financial plans of Poles for 2024” published on Sunday, conducted by BIG Info Monitor. It was added that 20 percent plans to save a certain amount to have a financial cushion.
As the authors of the report point out, the “state of uncertainty and tension” that has lasted for almost four years, first due to the pandemic and then the war in Ukraine, has had an impact on the tendency of compatriots to save. While in 2022, 25 percent respondents did not see the point in saving money or reported that they were unable to do so due to too low income – last year this percentage dropped to 18%.
When asked “What action do you plan to take regarding your finances this year?” 39 percent respondents answered that they planned to save, 26 percent plans to better control expenses, and 20 percent plans to review and reduce expenses. 20 percent respondents also plan to prepare a financial cushion.
BIG Monitor Chief Analyst Waldemar Rogowski pointed out that saving often concerns not only the financial sphere, but also energy and water consumption, rationalization of expenses on food, clothing, footwear and services. “20% of people declare such actions this year. respondents. As a result of cultural changes and the spread of the idea of sustainable development, attitudes towards general consumerism are also changing. In 2024, 17 percent intend to reduce it. subjects. Besides, Poles were holding on to their wallets last year,” Rogowski emphasized. He added, citing data from the Central Statistical Office, retail sales at constant prices in 2023 compared to 2022 decreased by 2.7%.
The authors of the report pointed out that the key to success in building a financial cushion is both systematic saving and proper management of the household budget. Meanwhile, research shows that a significant number of indications about financial plans in 2024 – 26 percent. (each respondent could give several answers) also concerned the ability to better control and plan the budget.
According to the study, 19 percent respondents have no savings at all, 11 percent has savings of up to PLN 1,000, 11 percent PLN 1,001-PLN 3,000, 11 percent from PLN 3,001 to PLN 5,000.
The authors of the report indicate that many Poles have problems with financial management, as evidenced by, among others, common problems with timely payment of basic bills, fees or loan installments. Pointing to the data collected in the BIG InfoMonitor Debtor Register and the BIK credit information database, the authors of the study emphasized that nearly 2.7 million people, i.e. approx. adult society entered the new year with over PLN 83.5 billion of unsettled liabilities.
“Certainly, more efficient planning and control of expenses would help many people avoid such situations. It would also make it easier to build the habit of regular saving. Unfortunately, financial education is still marginalized in Poland. Among young people, one third feels there is a deficit of such skills, and later it does not get much better, because over one fifth of subsequent generations, including seniors, report that they have problems with budget planning,” said Rogowski.
Referring to the study “Savings and financial problems of Poles” commissioned by BIG, it was noted that “having savings was declared by 80 percent in 2023.” respondents, although 30 percent cases, small amounts were involved, mainly not exceeding PLN 3,000. PLN (22%), sometimes between PLN 3,000 and PLN 5,000. PLN (10%).
The “Your forecasts and plans for 2024” survey conducted using the CAWI method on December 21-24, 2023 on a group of 1,090 people by Quality Watch for the InfoMonitor Economic Information Bureau.
BIG InfoMonitor is an economic information office operating since 2004, collecting and providing information on the payment credibility of market participants. The company maintains a register of debtors in which every entrepreneur and other authorized institutions can enter the company and consumer who are in arrears with payments and retrieve information about their possible debt. (PAP)