Poles saving more amid rising cost of living

Wojciech Pacewicz/PAP

The number of regular Polish savers who have decided to put aside even more money has increased by 20 percent as inflation reached levels last seen in Poland the 1990s, a survey has found.

Prices of consumer goods and services increased by 17.2 percent year on year in January 2023, according to the Central Statistical Office.

About 38 percent of Poles are regular savers, indicated an IBRiS survey for Santander Consumer Bank, published on Tuesday.

The current crisis has spurred 20 percent of them to save even more money, while 23 percent said the current situation had no bearing on their saving habits, and 57 percent are saving less.

"The only age group in which most respondents save money are Poles aged 50-59, who will retire soon," said Magdalena Drazkowska of Santander Consumer Bank. "As many as 62 percent of them save regularly."

In the youngest group, aged 18-29, only 19 percent are regular savers, she added.

People with university education are more likely to save money than those with basic education, with figures at 58 percent and 23 percent, respectively.

High earners are more likely to save than low earners. Among those with monthly net earnings exceeding PLN 7,000 (EUR 1,484), 82 percent are savers, while 54 percent of people earning PLN 5,000-6,999 (EUR 1,060-1,483) set aside some cash.

Understandably, 90 percent of people earning PLN 2,000 (EUR 424) or less a month fail to save anything.

Among those who have built a savings cushion, 28 percent have accumulated sums exceeding their five monthly earnings, while 11 percent have set aside an amount equal to their one month's income.

IBRiS ran the survey on 1,000 adult Poles in January 2023.