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Young Hungarians low on savings

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Less than one third of young Hungarians are saving money every month. This is a low rate, but significantly higher than before, shows research conducted by K&H Bank marking the occasion of World Savings Day on October 31.

The research by K&H Bank shows that 27% of young Hungarians make no savings at all. At the same time, 47% of respondents polled in the second half of this year said they manage to make at least some savings, which is the highest rate in recent years.

Even so, the average amount of money saved fell from HUF 767,000 in the first half to HUF 629,000 now, according to a press release sent to the Budapest Business Journal.

As for specific categories, active workers have HUF 763,000 savings on average, students HUF 534,000, the unemployed HUF 678,000, and those on child care benefits HUF 134,000.

The research also shows that 52% of those aged 19-29 could get by for a maximum of one month if they were to rely solely on their savings. Active workers are even worse off, with only 20% saying that they could survive for one month from their savings.

World Savings Day was established on October 31, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milan, Italy, as a day devoted to the promotion of savings all over the world.

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