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One third of Slovaks spend entire income on household expenses

One-third of Slovaks spend all their monthly income on household expenses, according to a study called Deposits 2007 that was carried out by the GfK Slovakia agency in November on a sample of 2,000 respondents, it was reported on February 18.

One-third of Slovaks spend all their monthly income on household expenses, according to a study called Deposits 2007 that was carried out by the GfK Slovakia agency in November on a sample of 2,000 respondents, it was reported on February 18.

A further fifth also spend everything, but are paying off loans at the same time. In total, only around one half of households are able to save money for a rainy day, the TASR newswire wrote.

The survey further showed that of the households that were saving money, one-third were saving between Sk1,000-3,000 (€30-90) per month, one sixth save Sk3,000-5,000 and a mere 3 percent are putting over Sk10,000 aside. Slovaks mainly save money in ordinary current and savings bank accounts, but a significant number prefer to keep cash at home. Among other means of saving, Slovaks listed fixed-deposit bank accounts, building-society accounts and capital and investment life savings. One-tenth save money via life insurance. Investments in shares and mixed-share funds, bonds and securities are among the least popular ways of saving.

Households mainly save for serious unexpected events, while many people said that they were saving up for a flat or house reconstruction, education or household equipment. Holidays were in seventh place on the list, while funerals were ninth and weddings 12th. TASR

Compiled by Zuzana Vilikovská from press reports

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