Hungarians keep savings in current accounts despite inflation


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Compared to last year, the number of savings held in a current account without a deposit has increased, according to a survey conducted by Hungarian Bankholding focusing on investment willingness.

According to the survey, more than half of respondents keep their savings in an uncommitted current account (52%) and a third of them keep their wealth in cash (35%).

Approximately 34% of respondents save monthly, 41% save occasionally, and 20% save both ways. About 5% of respondents said they were not currently in a position to save. Two-thirds of respondents (66%) keep their savings with one service provider.

"We are pleased to see that, based on the trend survey, trust in banks and fund managements has continued to grow – 55% of respondents trust banks to manage their savings, while 27% would trust a fund manager with their investments. This is important feedback for us, as the merger led by Hungarian Bankholding will harmonize the investment services of three financial institutions and create a unified product offering for our 255,000 customers with securities, whose assets of nearly HUF 4,000 billion we manage," said Levente Szabó, deputy chief business officer of individual services of Hungarian Bankholding.

Sovereign debts are popular, security is key

Sovereign debts remain the most popular form of investment among respondents (22%), but the proportion of those who would consider investing in gold or art treasures has increased significantly (6% in 2021, 13% in 2022). The two most important aspects of investing are the security (85% of respondents said this) and the liquidity (52%) of the capital invested. For 28 % of respondents, the ability to invest smaller amounts is also important.

When choosing investments, respondents almost always take into account the expected risk, with an equal split between risk-takers and risk-averse investors. An interesting correlation emerges between younger and older investors: while the younger age group of 18-39 years is more likely to take risks (53%), the age group over 50 years avoids risky investments.

Expectations of yields are largely shaped by personal perceptions of money deterioration (33%) and officially published inflation data (28%), as well as past experiences (29%). Some 37% of respondents seek guidance on investment issues from bank advisers and 30% from other financial advisers, but there is also a significant number who do not seek advice, preferring to make their own decisions (30%).

There is a nearly equal split between those who have had a bad experience (33%) and those who have not had a bad experience with their investments (34%), and a significant decrease in the proportion of those who have not invested before (2021: 51%, 2022: 33%). If their investment was to perform badly, more than half of respondents would wait a few weeks at most and then move the money to another asset. This proportion is even higher among those with savings of up to HUF 1 million (66%), the survey reveals.

Investors becoming more informed

The number of those respondents who receive investment information less often than monthly, or none at all, has decreased significantly – compared to 62% last year, only 41% of respondents said this when asked how often they receive information about investments and finance. The number of respondents who are informed at least weekly has also increased, from 16% to 28%.

The internet is a predominant source of information (79%), with the second most popular source being bank advisers, whose popularity has increased by 9 percentage points compared to 2021. More than a third of people (35%) said they are up to date with their investments, an increase from 27% last year. There has been a significant drop in the number of people who said they are not well informed and do not make an effort to find out more – only 7% of respondents considered themselves to fall into this category this year, down from 13% last year.


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