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We cannot save enough, say Slovaks

SLOVAK savers are not satisfied with how much they are managing to save. An international survey conducted by ING Bank shows that Slovaks were next to last in a saving satisfaction ranking among European countries, the TASR newswire reported in late February.

SLOVAK savers are not satisfied with how much they are managing to save. An international survey conducted by ING Bank shows that Slovaks were next to last in a saving satisfaction ranking among European countries, the TASR newswire reported in late February.

More than 50 percent of Slovaks regard their financial situation as having worsened compared with the past, arguing that prices are growing faster than incomes. They are also dissatisfied with the amounts they have to spend regularly on personal expenses.

“Older Slovaks, pensioners, women and the unemployed are more negatively affected by the current economic situation,” said Eduard Hagara, an analyst with ING Bank in Slovakia, adding that men, students and younger savers are among those most satisfied with their savings.

In general, only 28 percent are satisfied with how much they are able to save, according to the survey. As many as 65 percent of Slovaks name unexpected expenses as the main reason why they save. When asked how they save, 78 percent of Slovaks save in their current account and only 12 percent invest in mutual funds.

Simultaneously, as many as 43 percent of Slovaks save something ‘under the pillow’ i.e. hold cash at home. The findings suggest Slovaks are among the most conservative savers in Europe.

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