Young Hungarians low on savings

Food

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.

ADVERTISEMENT

Climate change hurts economy, but creates new business oppor... Analysis

Climate change hurts economy, but creates new business oppor...

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Dentons rehires banking and finance partner Appointments

Dentons rehires banking and finance partner

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.