Young Poles are afraid of risk and the financial market shows a new survey

Although for the vast majority of young Poles, saving is important or very important, most often they keep money in a bank or… in a sock.

For 37 percent saving is definitely important for young people, and for 49 percent rather important. Rather, it is unimportant for only 4%, and definitely unimportant for 1%. – These are the results of the survey conducted at the turn of the year by SW Research on behalf of PFR Portal PPK among over 800 people aged 18–35.

How the young Poles save

Those who have savings regularly set aside specific sums of money or save what they do not spend in a month. There are also those who, apart from saving money every month, also invest it. This allows you to increase the sense of security and stability (23%), secure your own money for larger expenses (18%) and ensure a good future for yourself and your loved ones. However, what is interesting, young people have different understandings of the term “saving”, although for the majority (64%) it is setting aside some of their earnings for the future.

More than half of the respondents believe that equally important forms of saving are: comparing the prices of products before buying (54%), not wasting food (44%), buying only the clothes they really need (40%), and buying things at sales. ,

The saving goals are different – some postpone for the longer future (54%), others for the so-called black hours (49%), passions (32%), travels (32%) and family and children (26%). The most common reasons for saving for the future are the willingness to remain independent as long as possible (49%) and the desire to secure in case of job loss (47%).

“Do not have an investment culture”

Quite surprising answers brought questions about the forms of saving. It turns out that the respondents most often mentioned bank savings accounts (45%) and current accounts in banks (40%), as well as keeping money in the so-called sock (32%). Bank deposits (13% of indications), investments on the stock exchange (10%), PPK / PPE (7%), IKE / IKZE (5%) or insurance and investment policies (4%) are much less popular.

– Poles do not have an investment culture. These results show that most of us do not invest but simply invest our savings. A natural way here is the banking sector and bank deposits, in which the vast majority of Poles’ financial assets are actually accumulated – says Grzegorz Maliszewski, chief economist of Bank Millennium. 

He points out that in conditions of high inflation, such decisions are unfavourable, because they mean that some of these savings are simply lost, because their real interest rate is strongly negative.

– This type of behaviour is probably partly due to historical habits. Partly also from risk aversion, which results partly from ignorance of the logic of the financial market, and partly from unfavourable episodes on the financial market, such as GetBack or Amber Gold. This scared many people away from bolder investments, for example on the stock exchange – assesses Grzegorz Maliszewski.

In his opinion, the high share of cash in the savings of young people is puzzling. – This, in a way, coincides with the growing share of cash in the financial circulation. He also breaks records. This is probably the result of high instability of the environment, the atmosphere of uncertainty, related first to the pandemic, and now also to war [the research was carried out before its outbreak]. This is combined with the lack of knowledge about financial markets, says the chief economist of Bank Millennium.

Source: Rzeczpospolita

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I am from Denmark but have lived and done business in Poland since the Spring in 2008. I have had a webshop with Scandinavian designed products, and event company in Poland. Today I am a business consultant and b2b IT consultant plus sales agent on the Polish market. I have lived/done business in 3 different cities and in 3 different regions (voivodeships) in Poland. My business network and knowledge about doing business in Poland and about Poland are therefore very big.

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