Erste Group Money Study An annual survey of saving, investment and spending practices across the CEE region
Saving remains important to people across CEE Putting money aside is “very” or “rather” important for large majorities across the region E R I M P O R T A N T H T R A T N A T R 36 O P M I T A 0 H 2 W 18 E M O 37 S Y 22 L 31 N O V E R Y E C I M N 40 A P T O R R O T P A M N 4 T I 4 8 R 7 5 O N I 3 M 1 1 1 6 F 6 O 6 17 20 0 T N 1 9 A T R 8 O 6 5 P M I 6 T 4 40 40 50 33 27 33 4 17 O 3 4 N 1 AT CZ SK HU RO HR RS RS HR RO HU SK CZ AT AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
Mixed picture in development of average monthly saving amount Savers in Hungary and Austria are putting signifjcantly more aside each month Declines in average monthly saving amount in both Croatia and Serbia Current monthly average savings amount in Euro: 2015 2016 7.5% 200 € 150 € 3.2 % 100 € 1.3 % 5 % 10.6 % 0% 201 216 2.9 % 50 € 76 77 94 97 47 52 46 46 60 57 35 34 0 € AUSTRIA CZECH REPUBLIC SLOVAK REPUBLIC HUNGARY ROMANIA CROATIA SERBIA AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
Widespread dissatisfaction in CEE with ability to save Majorities in four countries say they don’t have Savers in Southeastern Europe are particularly dissatisfjed with their current monthly savings amount enough money available to put anything aside R A T H E R S A T 2 6 O I S S F I O E S D 65 34 62 59 55 6 1 28 20 3 AGREE 2 35 6 4 33 1 D 1 E 15 I 1 F 3 2 S 4 I 3 T A 2 V 1 6 S 32 E 28 S R S Y E 27 35 2 L S 1 3 A 2 T I S D F E I 2 E I F 2 3 D 0 5 DISAGREE S I 1 T 18 A 2 S 2 1 9 L 21 6 21 21 L 14 A 24 T 26 A 20 14 T O 6 6 9 7 7 N 39 39 AT CZ SK HU RO HR RS RS HR RO HU SK CZ AT CZ SK HU RO HR RS AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
People in CEE are generally not able to save more now than a few years ago Across CEE, the share of people saving less Saving ability largely mirrors stagnant development is higher than that saving more in people’s overall financial situation Would you say that your general fjnancial situation in the past 2 or 3 years has … C Z E C H I A SAVED LESS 3 1 SAVED ABOUT THE SAME CZ SK HU RO HR RS 4 6 SAVED MORE 2 1 S L O NO ANSWER 3 V A K % I A 37 3 0 29 2 IMPROVED 26 25 1 7 13 11 5 0 Development of savings REMAINED over past 2 or 3 years 44 44 40 51 57 40 H 2 THE SAME U N G 5 A 2 R 5 1 3 Y 1 4 5 1 3 18 3 23 2 3 26 DETERIORATED 29 33 S E 4 R 1 6 B 6 50 I A 1 3 2 A 4 I N A M 1 1 1 1 1 4 O NO ANSWER R 2 1 C R O A T I A AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
What has driven lower savings level for those saving less? Higher cost of living , family-related expenses are key drivers CZECHIA SLOVAKIA HUNGARY ROMANIA CROATIA SERBIA People who have saved less in the past 2 or 3 years 31 % 30% 31% 41% 21% 32% Their reasons for saving less: Costs of living increased 22 14 60 44 27 44 while income remained the same Total household income now lower 16 11 19 10 15 21 Started a family, had a child 15 16 5 2 7 Lower income due to retirement 10 9 9 9 1 4 Higher expenses for family, 9 17 2 11 13 7 family members % 0 20 40 0 20 40 0 20 40 0 20 40 0 20 40 0 20 40 AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
Saving for a rainy day remains the prime motivation for putting money aside SAFEGUARDING PURCHASES Financial back up , As a pension provision, So that I can afford For smaller and larger For an upcoming for emergencies in order to stop working something later on acquisitions , as well vacation earlier, as nursing care as renovations insurance 93 92 89 85 81 77 75 68 68 67 66 65 65 62 58 57 45 44 39 38 37 32 29 27 27 26 25 22 20 18 17 16 15 14 14 AT CZ SK HU RO HR RS AT CZ SK HU RO HR RS AT CZ SK HU RO HR RS AT CZ SK HU RO HR RS AT CZ SK HU RO HR RS AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
Savings-focused products remain very popular despite interest rate climate Across region, no capital markets products among Top 3 means of putting money aside 2015 2016 77 52 56 GOVERNMENT-ENDORSED SAVINGS BOOK / CARD SAVINGSACCOUNT PENSION INSURANCE 77 48 59 SLOVAKIA AUSTRIA CZECHIA 65 46 45 LIFE INSURANCE, LIFE INSURANCE, BUILDING SAVINGS CAPITAL ASSURANCE CAPITAL ASSURANCE 62 45 49 37 40 39 LIFE INSURANCE, GOVERNMENT-ENDORSED SAVINGS BOOK / CARD CAPITAL ASSURANCE PENSION INSURANCE 37 43 41 41 9 27 25 SAVINGS BOOK / SAVINGS BOOK / LIFE INSURANCE LIFE INSURANCE CARD / ACCOUNT CARD / ACCOUNT 25 23 45 9 HUNGARY ROMANIA CROATIA 28 22 10 6 LIFE INSURANCE, GOLD OR OTHER SERBIA BUILDING SAVINGS FIXED DEPOSIT SAVING CAPITAL ASSURANCE PRECIOUS METALS 21 22 13 8 11 17 13 8 BUILDING SAVINGS OPTIONAL PENSION LIFE INSURANCE SIGHT DEPOSIT ACCOUNT 12 6 12 21 AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
People in CEE are very risk-adverse when investing their money A A A Y A A A I I I R I I I R H K N T B A A T C A R Croatians are the A G O S E V M E U N Z O R S O U A C C L R S H most risk-adverse, % while 10% of Hungarians 1 2 2 2 2 3 2 are “very” or “rather” Very much willing to take risks willing to take risks 4 6 6 8 2 6 4 Rather willing to take risks Czechs and Slovaks show a more developed 6 5 risk appetite than their Mixed 14 24 21 20 15 Austrian neighbours Rather safety conscious 34 41 44 42 38 19 23 Very safety conscious 43 23 24 40 33 65 55 No answer 3 4 3 2 5 2 2 AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
Diverging responses to low interest rates on deposits 2015 2016 Procured life insurance, Gave money to own Kept savings in a Bought an apartment, capital insurance, or children, grandkids, current account house or property private pension provision family members 52 51 50 48 47 50 45 44 42 40 40 39 39 38 36 36 40 32 29 29 28 27 27 27 27 27 26 30 24 24 22 22 20 19 19 19 17 16 16 16 20 15 15 15 14 13 12 11 11 10 9 10 4 0 CZ SK HU RO HR RS CZ SK HU RO HR RS CZ SK HU RO HR RS CZ SK HU RO HR RS AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
Confidence in financial knowledge, investing skills varies sharply across CEE region How well do you personally feel informed about I know a lot about different possibilities financial topics and banking products? of investing one‘s money VERY INSUFFICIENT VERY WELL 11 11 46 22 10 2016 CZ 43 2015 40 38 29 1 8 10 47 22 12 2016 28 SK 2015 21 AGREE 9 21 43 16 10 2016 HU 2015 CZ SK HU RO HR RS DISAGREE 29 14 30 14 13 2016 RO 2015 29 30 13 16 48 18 4 2016 HR 34 2015 39 47 48 22 22 33 16 7 2016 RS 2015 NO ANSWER AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
Across CEE, people say their expenditures under control but many spend more than planned I frequently spend more I have my monthly outgoings money than planned and expenditures under control 87 82 82 81 77 75 41 39 33 29 29 AGREE 23 CZ SK HU RO HR RS CZ SK HU RO HR RS DISAGREE 3 6 6 6 11 15 41 42 46 47 48 55 AT: AUSTRIA | CZ: CZECHIA | SK: SLOVAKIA | HU: HUNGARY | RO: ROMANIA | HR: CROATIA | RS: SERBIA BASIS: SURVEY OF AT LEAST 500 MEMBERS OF THE GENERAL PUBLIC AGED 15+ IN EACH COUNTRY MONEY STUDY 2016 | #EGMS16
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