Hungarians' monthly savings up 23% in 2021 - survey

Figures

Hungarians have saved HUF 29,400 per month on average this year, up 23% from a year earlier, Erste Bank Hungary said on Wednesday, based on a survey by IMAS International.

Around 28% of respondents are setting money aside because they are afraid of losing their job while 27% said they have been unable or unwilling to spend on big-ticket purchases or investments in the recent period.

The pandemic has made people aware of the need to have financial savings; the ratio of those who felt it necessary to make savings was 79% this year compared to 80% in 2020 and 70% in 2019.

Almost 60% of Hungarian households saw their financial position deteriorate due to the pandemic, with 39% of respondents reporting a smaller and 18% a bigger decline.

Among the countries in the region, average monthly savings increased the most in Hungary this year from 2020, at 23%, followed by Austria with 21%, Croatia with 13%, Slovakia, and Serbia with 8% each, Romania with 7.5% and Czechia with 7%.

The IMAS International survey has been prepared for Erste Bank every year since 2015, with the same methodology in seven countries of the region.

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