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More young people saving for a home

Conscious money saving is becoming more popular among young people aged 19-29, according to news portal index.hu. Average savings reached HUF 517,000 in Q1 2019, a significant increase compared to HUF 414,000 in 2018.

According to a survey compiled by K&H Bank, some 53% of youngsters follow some sort of savings plan, marking the highest rate for years. The bankʼs communications director, Nóra Horváth Magyary, said that some 30% of people in this age group set money aside at the beginning of the month, and some 23% keep money in reserve at the end of the month.

The most popular reason for saving is for a future home purchase, but general reserves, car buying, and planned trips are also among the reasons for saving, the website added.