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.

Get daily Slovak news directly to your inbox

Top stories

News digest: Penta partner Haščák reportedly charged with corruption after a police raid

Anti-communist fighters will receive pensions. Sunk tugboat being drawn out of the water.

Jaroslav Haščák

Car industry needs to jump on the latest trends

Economy minister promises extensive support for hydrogen technologies in Slovakia.

The Hydrogen Technology Research Centre (CVVT) is to be launched at the end of 2020 or beginning of 2021 in Košice to do R&D in this field.

Responsibility goes hand in hand with EU advantages, says President Čaputová

President Zuzana Čaputová spoke with Vice President of the European Commission for Values and Transparency, Věra Jourová.

President Zuzana Čaputová

Half of all parents lack time to help their children with distance learning

Some have a hard time motivating their children, others do not understand the curriculum.