Slovaks know basics about products

More than one-third of Slovaks fully rely on their knowledge about current and savings accounts, insurances, loans and investments.

Illustrative stock photoIllustrative stock photo (Source: SME)

As many as 57 percent of Slovaks have basic knowledge of financial products. On the other hand, some 4 percent say they do not know anything about them and need help with explaining the conditions.

This stems from a survey carried out by Millward Brown for the company Kruk, which focuses on administration of debt claims of financial institutions and corporate customers.

The survey also showed that more than one-third of Slovaks fully rely on their knowledge about current and savings accounts, insurances, loans and investments, the SITA newswire reported.

About 36 percent of respondents admitted they have problems with repaying their obligations. In most cases they are a few days late on their instalments. Yet there are also cases in which bills are not paid for several months or even years. This is the case of roughly 4 percent of respondents.

While men are late with repaying their credits and banking loans, women have problems also with paying bills for mobile phones and instalments of loans from their family and friends, SITA reported.

The survey also suggests that every fourth Slovak would use their savings in case of insolvency. Every fifth Slovak would inform their creditors about their financial situation and try to agree on changing the instalments in accordance with their current possibilities. In addition, 19 percent of respondents would ask their family and friends for help, SITA reported.

Mostly men rely on their savings, while women most often opt for lowering their spending, SITA reported.

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