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Survey shows third of Hungarians make no savings

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Hungarians spend most of their money on utilities and an average person saves 13.1% of their monthly income, according to a survey included in a draft government strategy to improve financial literacy, reported by state news wire MTI.

The survey found that 53.5% of respondents in the survey make monthly budgets. Utility expenses pose a burden, as 40.5% of household expenditure goes towards paying bills. Around 60% of Hungarians use paper checks to settle utility fees, MTI notes.

People who do save mostly use their bank accounts, but as many as 25.9% keep their money at home. Almost 80% of respondents said they have bank cards.

Only 3.5% of Hungarians own shares and 88.8% have never purchased them. Hungarians are better prepared for emergencies than before, as more than half said they could handle a sudden expense affecting their total monthly wage.

In the next year, 21.6% of households are planning on renovating their homes and 10.7% wish to purchase a new home. Some 77% of Hungarians have home insurance and 55.4% have health insurance.

A majority of Hungarians, 68%, plan to rely only on a state pension in their retirement plans. Only 15.5% said they were members of voluntary pension funds, while 12.5% said they were members of health funds.

The survey was commissioned by the Ministry for National Economy and carried out at the start of February among 1,002 randomly selected adults.

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