Reader feedback: A penny saved ...

Re: Slovaks find it hard to save, May 23 - May 29, 2005, Volume 11, Number 20

The old Babylonians had this saying: "Don't forget to pay yourself". They put it this way: you pay the butcher, the shoemaker, the barber, etcetera, so you should at all times save a tenth of what you earn to reward yourself for your effort in making a living. Having said that, there are not very many instruments for saving available to Slovaks at present. Not many Slovaks have a share portfolio, or know about options, or government stock of the various countries. Banks and insurance companies hence have too little competition. It doesn't look all that dark though, for many Slovaks might hardly save, but do often fully own their houses. By comparison, a Hollander may have accumulated €40,000 but will likely owe the bank €80,000 by way of a mortgage bond on his house, not mentioning that he is likely to be leasing [in some form] his motorcar.

Oscar,
Radošovce

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