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Survey: 300,000 Slovaks spend more than they earn

Approximately 7 percent of Slovak families spend more money every month than they earn, according to a recent survey. The people concerned are typically those described as economically inactive or "socially challenged".

Approximately 7 percent of Slovak families spend more money every month than they earn, according to a recent survey. The people concerned are typically those described as economically inactive or "socially challenged".

"When we recalculate this, it refers to around 300,000 Slovaks," said Jitka Sýkorová, project manager of research agency Factum Invenio, on Tuesday, May 17. The poll, in which 1,075 respondents took part, was carried out for Provident Financial. The problem for the given households is often linked to a lack of attention paid to the management of finances. Around 28 percent of respondents stated that they don't keep track of or schedule their expenditures at all, while 69 percent claim that they have at least a grasp of what they are spending.

When it comes to savings, Slovaks tend to save money for their children rather than for themselves. As many as 33 percent of Slovak households set some money aside for their offspring, the TASR newswire quoted the poll as finding. According to it, the most expensive item in the budget of most Slovaks is housing. This is also one of the most frequent reasons why they get into debt. Six out of ten Slovaks stated that they would be willing to borrow money in order to buy or reconstruct property. Another 8 percent indicated credit or mortgage repayments as the main drain on their finances.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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