Czechs to survive 4 days longer on savings in Q1 qtr/qtr - survey


03.06.2014 13:45

Prague - Household savings increased in Q1, and an average Czech household would survive on savings for 3 months and 15 days should it lost all of its sources of income, 4 days longer than in Q4 last year, said a survey conducted by the agency TNS AISA for ING Bank from January to March 2014.


Peníze, bankovky, česká měna, koruna, úspory - ilustrační foto. ČTK Zavoral Libor

Year-on-year, households would live on savings for nearly two weeks longer.

ING Bank´s savings index is showing an upward trend as well. If they wanted, households could save up to 29 percent of their income, an annual hike of 4 percentage points and 3 percentage points more compared with the last quatter of 2013, the survey found.

University graduates could save up to 42 percent and people with primary education 19 percent of their income, according to the poll.

"Czechs have their savings under control and keep them at a stable level. The savings index is even rising moderately," said ING Bank retail banking head Libor Vanicek.

Falling prices of energy and mobile services can be one of the reasons behind the modest rise, according to him. The change of the supplier can result in savings in the order of hundreds of crowns a month.

Households whose members are university graduates are traditionally the best off, as they may live on savings for nearly five months. By contrast, people with elementary education are the weakest group, as they would survive on savings for one month and a half only.

ING Bank´s online monthly surveys are conducted on a representative sample basis.

Around 1,500 Czech respondents aged between 18 and 60 took part in the latest survey.

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