BIG InfoMonitor: 25% of Poles are not ready for sudden loss of income
Despite the high percentage of people who declare to have savings (82%), only every fourth Pole has resources to live for more than half a year in the event of a sudden loss of sources of income, according to the survey "Scale and the goals of collecting savings by Poles", performed on behalf of BIG InfoMonitor.
At the same time, 54% of respondents expect to be forced to reduce their basic expenses in order not to reach for the funds accumulated for the "black hour". In the last six months, 1/3 of Poles had to spend their savings on basic needs, and one in three people are considering looking for an additional source of income to accumulate savings.
“The growing cost of living and the feeling of economic instability force Poles to make the most of the savings on an ongoing basis, which were initially intended to provide a security for the future. These people most often added electricity, rent or to purchase food products and medical services. This is a worrying signal that indicates the depletion of the financial cushion of many families. Such a situation poses a risk of further reductions in the level of consumption and reduction of investment in education, health and personal development, which in the long term may negatively affect the economy and financial condition of Poles" - said President of BIG InfoMonitor Słamir Grzelczak.
According to the BIG InfoMonitor survey, Poles pay off an average of 18% of their monthly income, and half of respondents are in the range of 10% to 24%. On the other hand, slightly more than one in four respondents (27%) puts less than 10% of their salary, which may indicate significant difficulties in finding a larger amount due to daily liabilities.
Almost every third of the respondents (32 %) have no more than PLN 5,000. This is almost as much as from 1 tactical 2025 will be the minimum monthly wage under an employment contract. In practice, this is the amount that, in the event of a crisis, is enough to secure the basic expenditure for a very short period. The largest group accumulated savings ranging from PLN 10 to 30 thousand (17%). Only 13% of Poles managed to accumulate savings in excess of PLN 100,000, indicated in the material.
The main argument for a cost-effective approach to your finances is to hedge against unexpected expenses (48%) and protection against loss of a permanent source of income (33%). Nevertheless, in the last half of the year, every third Pole had to reach for the accumulated funds to cover basic needs, such as bills (12 %), grocery shopping (11%) or health care (11%) and although this is less by 11% less than a year earlier, it is still a significant indicator of the financial burden of households, it is also reported.
Important goals of saving savings include: leisure/exit (23%), where after a decrease in 2023, the scale of saving for this purpose increased significantly (+9 percentage point), including security for the duration of retirement (17%) and medical and health goals (16%).
At the same time, 34% of respondents had to benefit from external assistance, i.e.: a loan or loan to cover basic needs, with 8% experiencing this this year. Poles are increasingly considering the search for additional sources of income in the face of rising living costs and pressure to increase savings. According to a BIG InfoMonitor survey, 35% of respondents are considering taking up an additional job to improve their financial situation.
“The increase in the number of people using external assistance in the face of financial difficulties indicates deeper structural problems in the financial situation of Poles. Many people, despite the desire to limit expenses, are unable to cover their basic needs on their own. This means that changing habits, including reducing spending on many products and services that improve the life situation, and often are the basis for decent functioning, becomes a common strategy. This is one of the reasons for the real decline in retail sales in September. In addition, a significant percentage of people who feel the need to take up additional work only highlights the growing concerns of the country’s residents related to maintaining financial stability. If we are already talking about financial stability, and more specifically about its lack, according to our data, on average, the consumer is over PLN 33,400 arrears. This means that only a small part of the people pointing to have savings in the survey would be able to pay their debts thanks to them" - added the chief analyst of BIGMonitor Waldemar Rogowski.
Source: BIG InfoMonitor and ISBnews
