Spectator on facebook

Spectator on facebook

THE QUARTER IN BUSINESS

One third of Slovaks blow 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 last November. A further 20% 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.

(Source: SITA)

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 last November. A further 20% 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 survey also showed that of the households that were saving money, one-third were saving between Sk1,000-3,000 (30-90 euros) per month, while one-sixth were saving Sk3,000-5,000 and a mere 3% were putting over Sk10,000 aside.

Slovaks typically save money in ordinary current and savings bank accounts, but a significant number prefer to keep their 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 house-hold equipment. Holidays were in seventh place on the list, while funerals were ninth and weddings twelfth.

Top stories

Bratislava growing high Photo

High-rise buildings sprouting up in Bratislava

Visualisation of the future skyline of Bratislava

People of Pezinok fighting against landfill again

Dispute over controversial Pezinok waste dump, which started 18 years ago, continues.

The controversial landfill site in Pezinok

Crisis ends in Danko’s defeat

Education minister steps down following Fico’s call, Danko not ruling out he might leave politics.

Former education minister Peter Plavčan and PM Robert Fico on July 24.

First Slovak woman crossed the English Channel

Before her, only six Slovak men had managed to complete the difficult swim.