SLOVAKS are more likely to put aside some portion of their current income now than they were in the past. In the crisis year of 2009 Slovaks’ saving rate reached almost the highest level for the last decade and was then followed by only a moderate decrease, according to Marek Gábriš, an analyst with ČSOB bank, as reported by the SITA newswire.
“Based on the first six months of 2011 it is possible to assume that the rate of savings will exceed the maximum reached so far and become the highest for the last 10 years,” Gábriš stated.
Slovaks were saving less than 4 percent of their income in mid-2008 but this had risen to 6.5 percent by mid-2011. When personal savings in Slovakia’s pension pillars are taken into account, the savings rate is 8.8 percent, according to Mária Valachyová, an analyst with Slovenská Sporiteľňa bank.
ČSOB reported that it appears that most Slovaks are willing to put aside about 10 percent of their income.
Another survey conducted by IMAS agency on behalf of Slovenská Sporiteľňa among 505 respondents in July and August found that the average Slovak puts aside €89 every month and that more than half of the respondents regularly save some money each month.
Slovenská Sporiteľňa reported that 90 percent of the respondents said their main reason for saving regularly is to have financial security in the event of need, while about 70 percent saved money so they could buy something in the future. More than one-half of respondents said they were also saving for retirement or to retire earlier.
7. Nov 2011 at 0:00 | Compiled by Spectator staff