Thursday, 24 April 2014

Survey: 42% of Czechs save for retirement

28 November 2012

Prague, Nov 27 (CTK) - A total of 42 percent of Czechs have been saving for pension, while in Slovakia it is 44 percent and in Hungary, for example, only 7 percent of the population, said a survey conducted by the agency YouGov.

The survey was carried out among 11,000 clients of the group International Personal Finance (IPF), a parent company of Provident Financial, in the Czech Republic, Hungary, Poland, Romania, Slovakia and Mexico.

In spite of the fact that respondents were mostly people from lower income groups, 42 percent of Czechs said they save for pension using savings accounts at banks, pension funds, home-building savings and, to a lesser extent, investment products, said Provident spokesman Ondrej Holoubek.

Provident Financial is the largest provider of short-term cash loans to households in the Czech Republic.

A total of 76 percent of the Czech population have a bank account (against the average of 67 percent in all the monitored countries), 32 percent have household insurance (38 percent) and 46 percent car insurance (39 percent).

Respondents in all the surveyed countries are largely afraid of not having enough money for current living costs.

An overwhelming majority of them are not protected against a sudden loss of income.

Czechs more save in cash, though the sums are not high.

The survey showed that cash savings of 42 percent of those polled amount to Kc15,000 at most. Five percent of respondents said they manage to save Kc30,000 and only 4 percent said their cash savings are higher. A total of 43 percent of those surveyed said they do not save at all and the rest did not know exactly how much they save.

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