Half of Slovak households put some income aside

WHETHER it's in a bank or under a mattress, half of Slovaks put aside a part of their salary each month, according to a recent survey by GfK Slovakia.

WHETHER it's in a bank or under a mattress, half of Slovaks put aside a part of their salary each month, according to a recent survey by GfK Slovakia.

The Deposits 2007 survey, which polled 2,000 respondents in November 2007, also found that one third of Slovaks spend their entire monthly income. The rest, which account for a little less than one fifth, spend their entire monthly income as well, but use at least part of it to repay loans.

Of the households that save, less than one third put aside between Sk1,000 and Sk3,000 (€30.7 to €92.2) a month. About one sixth save up to Sk1,000 and another sixth save between Sk3,000 and Sk5,000. Less than three percent can put aside more than Sk10,000 a month.

The survey also showed that Slovaks prefer to save money in personal accounts or savings books. A considerable portion keeps their savings at home, while others use time deposits, housing construction saving schemes and capital and investment life insurance. Every tenth person saves money through the supplementary old-age pension saving scheme.

Data from the Slovak Statistics Office showed that an average Slovak family had three members and a gross monthly income of Sk11,133 per family member during the third quarter of 2007.

As far as why they save, respondents listed money for an emergency at the top. The second most common reason was to renovate an apartment or house, followed by education and buying furnishings. Saving for a holiday came in seventh, funerals in ninth and a wedding placed 12th. A few people replied that they save to buy clothes, land, jewellery or art.

The ČTK newswire learned of the survey's results from Daniela Čekovská of GfK Slovakia

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