THE SAVINGS BEHAVIOR IN POLAND a representative survey among the general population + September
Survey design Research aim The present report documents the results of the Savings Research in Poland, investigating people s behavior, attitudes, motives and worries in regard to saving as well as the topics financial literacy and monetary education. Comparable researches were conducted in the following countries: Austria, Czech Republic, Slovakia, Hungary, Croatia, Serbia, Romania, Ukraine, Germany, Montenegro, Turkey. Results of these countries are presented in separate reports. Method/ Sample telephone interviews, nationwide representative for the bankable population, aged + Sample size In total, n=50 interviews were conducted. Timing Interviewing took place in August, September. Contact Research Director Ansgar Löhner Tel: 004/ 55 - mob.: 004/ 9450 loehner@imas.at Project Executive Astrid Heinrich Tel: 004/ 55 - heinrich@imas.at
The importance of saving Question : "First in general, how important do you personally assess 'putting money away'? Would you say, 'putting money away' is for you " General population + in Poland Putting money away is - Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) Very important - 4 4 4 40 4 44 Rather important - 9 4 4 40 Only somewhat important - Of minor importance - 4 Not important at all - 5 4 9 5 4 4 5 Average,9,0,,9,9,9
The development of the importance of saving Question : "Has saving money generally increased in importance for you these days or has it lost importance compared to some ago?" Compared to some ago, 'saving money' has lost in importance no difference increased in importance total (n=50) 5 5 Men (n=4) 49 Women (n=5) 5-9 (n=) 0 0-49 (n=) 5 (n=) 4
People s behavior regarding finance and saving Question : "Now I'm going to read to you different statements on the topic of saving money. Please tell me for each one whether this statement applies to you personally or does not apply. Please simply answer by 'yes' or 'no'. How about the statement " General population + in Poland Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) I save as soon as I have some money left. Sometimes more, sometimes less 5 0 0 9 I am used to regularly putting a certain amount of money away 54 55 5 54 4 I think twice about spending every penny 4 4 5 9 54 I save only when I plan to buy something in particular 5 5 45 I am very interested in media reports about money and saving 4 49 4 5 50 I listen very much to what my bank advisor says about money and saving 4 4 4 4 I don't know a lot about the topics money and saving 5 4 4 4 I have no talent for handling money, it just runs through my fingers
Usage of savings products Question 4: "What about you, which of the following savings-products do you personally use? Do you personally have a -" General population + in Poland Saving products are personally used: Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) Savingsbook, -account 45 4 Life insurance, capital assurance 5 5 5 5 Optional pension insurance 5 9 9 Securities, fund, investment fund 9 Building savings 4 5 Save in cash, at home or in a safe box 4 4 40 54 44 None of this, do not save 9 4
Current monthly savings amount Question 5: "And how much money do you currently put away? If you do not have a monthly savings plan, please convert it to monthly. Would you say you currently save per month -" Savers in Poland Currently put away per month: Total Men Women - 9 0-49 (n=4) (n=9) (n=44) (n=) (n=) (n=) 0 Zloty / nothing 9 5 Up to 0 Zloty 4 5 to 0 Zloty 4 to 400 Zloty 40 to 00 Zloty 9 0 to.500 Zloty More than.500 Zloty 5 9 Average amount 4 Zloty 5 Zloty 9 Zloty 4 Zloty 509 Zloty Zloty
Satisfaction with current savings amount Question : "Are you satisfied with the amount you currently are able to save or not? Would you say you are " Savers in Poland Total Men Women - 9 0-49 (n=4) (n=9) (n=44) (n=) (n=) (n=) With current savings amount - Very satisfied - 5 Rather satisfied - 5 4 So so - 5 5 5 9 Less satisfied - 4 9 Not at all satisfied - 5 5 Average,,,,,4,5
Motivations for saving Question : "All in all, what is your motivation to save money? I will now read to you various possible motivations to put money away. Please always tell me if this is personally for you a motivation to save money as well." Savers in Poland Personal motivations for saving- Total Men Women - 9 Saveguarding: 0-49 (n=4) (n=9) (n=44) (n=) (n=) (n=) Financial back up, for emergencies 90 9 90 9 94 As an old age pension provision, in order to stop working earlier, as nursing care insurance 4 4 4 0 4 50 Purchases: For smaller and larger acquisitions, renovations 4 So that I can afford something later on 0 9 4 5 For vacation trip 4 49 5 4 Without a special reason 4 5
Planned saving in the next 5 Question : "What do you think: compared to today, will you be saving in the next five rather more, rather less or equally as much money?" Savers in Poland Compared to today, will save in the next 5 - Total Men Women - 9 0-49 (n=4) (n=9) (n=44) (n=) (n=) (n=) Rather more 9 9 About equally as much 0 9 Rather less 44 5
Reasons for cutting back savings in next 5 Question : "What do you think: compared to today, will you be saving in the next five rather more, rather less or equally as much money?" Question a: "And why will you assumedly put less money away in five?" Savers in Poland (n=4) People expecting to save less in the next 5 compared to today People expecting savings cut backs (=0, n=4) Costs of living increase, while income remains unchanged, higher financial burdens due to kids Everything becomes more expensive Lower income in old-age pension / retirement / due to my age Inflation, insecure economic situation Loss of job, insecurity of workplace, lower income Lower income, earnings Have to pay off loans, buy larger acquisition Want to enjoy linfe, I want to rather spend money Other No answer
Worries about saving Question 9: "We have learned that there are many worries and anxieties in regard to saving money. I will now read several of such issues to you, please always tell me if you also share these concerns." Savers in Poland Worries about saving: Total Men Women - 9 0-49 (n=4) (n=9) (n=44) (n=) (n=) (n=) Currency devaluation/ buying-power is decreasing/ high inflation 9 5 0 Fear that I will not save enough for the future 59 5 4 5 4 5 Funds lose in value, sagging markets 5 5 49 59 0 I soon can not afford to put money away anymore 55 45 4 4 4 9 Bank goes bankrupt 4 4 5 5 4 49 Saving money pays off less and less 4 5 45 5 59 None of these 9 4
People s attitudes towards investments Question : "One question in regard to 'financial investments', meaning bonds, stocks, fund etc.. What is your general opinion in regard to invest your money into bonds, stocks, fund etc? Would you say " General population + in Poland Total Men Women - 9 0-49 Opinion on investing in bonds, stocks, funds, etc. - Very positive - Rather positive - (n=50) (n=4) (n=5) (n=) (n=) (n=) 5 4 4 Neutral - 5 5 54 5 5 Rather negative - 4 Very negative - 5 9 4 Average,0,0,,,9,
Reasons for negative opinion on investments Question : "One question in regard to 'financial investments', meaning bonds, stocks, fund etc.. What is your general opinion in regard to invest your money into bonds, stocks, fund etc? Would you say " Question a: "Why is your opinion on bonds, stocks, funds etc. negative?" General population + in Poland (n=50) People with negative opinion on investments (bonds, stocks, funds) Reasons for negative opinion: (=0, n=) Missing trust, do not trust these investments Too risky, too uncertain Bad experiences: Lost money (personally/ family) Fraud, rip-off Overall no interest Missing knowledge: Don't know anything/ enough about it Have not enough money at my disposal 9 Negative news: Have heard a lot of bad things Favour conservative investments Other No answer
Satisfaction with own financial standing and situation Question : "Now thinking about yourself and your personal financial circumstances. How satisfied are you with your personal financial situation and standing? Please indicate that to me on a scale from to 5, meaning you are 'very satisfied' and 5 meaning you are 'not satisfied at all'. Grades in between are for rating further." General population + in Poland Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) Very satisfied - 5 5 5 44 45 9 50 4 4 4 Not satisfied at all - 5 Average,,0,,,0,4
Spending habits overview Question : "Please now think shortly about your spending habits and behaviour. I am going to read to you a few statements and would like you to tell me how much they apply to you. Please use again a scale from to 5, meaning 'applies to me fully' and 5 meaning 'does not apply to me at all'." General population + in Poland applies fully 4 5 does not apply at all no answer Ø I have to save or borrow money to buy larger things 9 9 9,9 I rather purchase in discounters 5 4,0 Shopping is less fun than a few ago 9, In case of larger purchases I only refer to offers 4,4 When buying basic things like food or clothes I do not have to think about money 9,9 I know the details about my financial situations at all times 5, I have my monthly outgoings and expenditures under control 5, I frequently spend more money than planned 0,
Spending habits: Applies fully, Top box Question : "Please now think shortly about your spending habits and behaviour. I am going to read to you a few statements and would like you to tell me how much they apply to you. Please use again a scale from to 5, meaning 'applies to me fully' and 5 meaning 'does not apply to me at all'." General population + in Poland Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) I have to save or borrow money to buy larger things 4 4 I rather purchase in discounters 5 9 0 Shopping is less fun than a few ago 9 5 4 In case of larger purchases I only refer to offers When buying basic things like food or clothes I do not have to think about money 9 4 I know the details about my financial situations at all times I have my monthly outgoings and expenditures under control 5 5 59 5 5 I frequently spend more money than planned
Attitude about debts Question : "One cannot always put away money, sometimes one has to take up a loan and get into debt at a bank, a company, e.g. a mail order business, or lend money from friends or family. On that, people have different views. Which of the following three types fits your personal attitude best? Would you say " I would never want to be in debts, I would rather cut back my expenses. You can get into debts if you are momentarily short of money and want be able to afford something. Getting into debts must be well considered, I would do that only for a good reason. total (n=50) 5 5 Men (n=4) 5 Women (n=5) 4 5-9 (n=) 4 0-49 (n=) 0 (n=) 40 4
Possible purposes of loans or payment per installments Question : "Now I read to you several products or services. Please tell me for each one whether you would take up a loan or do payment per installments for these. How about " General population + in Poland Would take up loan or do payment by installments for- Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) flat or house 5 55 5 5 property of land 4 55 40 5 car or motor bike 9 50 5 wedding 5 0 4 TV set 9 4 purchase of a computer 5 holiday trip 9 purchase of mobile phone or payment of phone bills any presents for friends and family 9 4 9 5 5 9 clothing and shoes 9 5 going out and partying 4 4 downloads on the internet and mobile phone 5
Debts aside from financing of house, flat, car Question : "How about you personally, have you ever aside from financing a house, flat or car been in actual debts at a bank or a company, e.g. a mail order business, or from family and friends?" General population + in Poland Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) yes, at a bank 54 5 49 yes, from family 9 yes, at a company 9 yes, from someone else no, have never been in debts anywhere 5 59 4
Overview on economic and financial knowledge and on monetary education Question 9,,,, 4, 5 Financial and economic topics: Knowledge of family and friends One's own knowledge Felt need to improve one's own knowledge Very well - 9 No 5 40 4 Yes 5 Very insufficient - 5 Monetary education at school is- The banks' part in monetary education for - young people adults Sufficient Very important - 40 Rather important - 44 Insufficient Somewhat important - Less important - 4 Not important at all - 5 5 Average,0,
Opinion on knowledge of family and friends Question 9: "Coming now to another topic: What do you think, how well-informed about economic and financial subjects in general are your acquaintances and friends? How would you grade most of your acquaintances and friends? means very well and 5 means insufficient. Grades in between are for rating further. General population + in Poland Knowledge of family and friends on economy and finance subjects Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) Very well informed - 40 40 40 50 4 9 4 9 Very insufficient - 5 9 4 Average,,4,,,,4
Opinion on one s own knowledge Question : "And how well do you personally feel informed about economic and financial topics in general." General population + in Poland One's own knowledge Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) Very well informed - 9 9 4 4 4 4 Very insufficient - 5 9 Average,9,,0,,9,0
Felt need to improve one s own knowledge on economy and finance Question 5: "Finally, if you think of your own knowledge regarding economy and finance: Have you often the feeling that you should be better informed about this topic?" General population + in Poland total (n=50) 5 Men (n=4) Women (n=5) - 9 (n=) 0-49 (n=) (n=) 5
Opinion on school education about learning to handle one s budget Question : "What do you think about the information and education young people get in school concerning the handling of their personal budget? Do you think the information they receive is sufficient or insufficient?" General population + in Poland Sufficient Insufficient total (n=50) Men (n=4) 9 Women (n=5) 4-9 (n=) 0-49 (n=) (n=) 0
The right age for starting with monetary education Question : "In your opinion, at what age should you start off with informing children about some aspects of monetary education, hence about finance and handling money?" General population + in Poland Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) before kindergarten 4 at the kindergarten 9 9 at elementary school 44 45 4 4 5 4 at gymnasium or secondary schooling 9 9 9 5 later on
The banks part in improving young people s knowledge Question : "And how important is it that a bank takes care of the subject monetary education, that the bank improves children s and youth s knowledge about economic and financial topics?" General population + in Poland Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) Very important - 40 5 4 Rather important - 44 5 Somewhat important - Less important - 4 Not important at all - 5 5 4 4 4 9 5 Average,0,,9,,0,0
The banks part in improving adults knowledge Question 4: "Apart from children and young people, how important is it for you that a bank offers possibilities for adults to improve their knowledge concerning economical and financial topics?" General population + in Poland Total Men Women - 9 0-49 (n=50) (n=4) (n=5) (n=) (n=) (n=) Very important - 40 5 45 4 4 4 Rather important - 44 49 50 44 9 Somewhat important - Less important - 4 Not important at all - 5 5 Average,,9,,9,,9