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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.

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