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Croatians Increase Monthly Savings Despite Financial Woes, Survey Shows Canva

Croatians Increase Monthly Savings Despite Financial Woes, Survey Shows

Written by  Oct 29, 2024

Despite a bleak outlook on their financial situation, Croatians have increased their monthly savings slightly over the past year, according to a recent survey conducted by Erste Group. The study, which gathered responses from 500 citizens, found that Croatians are saving an average of 77 euros per month in 2024 — an increase of four euros from last year.

Financial Pressures Persist, But Savings Grow

Although 53% of respondents reported a decline in their financial situation over the last two to three years, Croatians have still managed to increase their savings. Most savers (31%) set aside between 51 and 100 euros monthly, but 23% of citizens do not save at all. This year’s average monthly savings of 77 euros is a notable rise compared to 60 euros a decade ago.

Erste Group’s annual survey is conducted in anticipation of World Savings Day, on October 31, and sheds light on the saving patterns among different demographics. Middle-aged individuals (ages 35 to 59) save the most on average, setting aside 105 euros monthly. Meanwhile, young people (15 to 34) save 71 euros, and the older generation (60+) saves 42 euros.

Most Citizens Save What’s Left Over

In terms of saving behavior, most Croatians (66%) tend to save whatever is left at the end of the month, with only 34% setting aside a fixed amount upfront. The data also revealed a gender gap in savings: on average, men save slightly more than women, with men putting away 82 euros monthly compared to 70 euros for women.

Croatia’s average monthly savings may be on the rise, but they still fall short compared to some Central and Eastern European countries. Austrians save an average of 308 euros monthly, while Czechs save 134 euros, Slovaks 133 euros, and Hungarians 116 euros. Croatians, on the other hand, are ahead of Romanians (72 euros) and Serbians (55 euros) in terms of monthly savings.

Hungarian savers saw the largest increase, with an 11-euro boost in monthly savings this year, while Czechs were the only group in the region to see a decrease of 10 euros.

Current Accounts Most Popular Among Croatian Savers

For 51% of Croatians, the most common method for storing savings is a current account. Meanwhile, 37% opt for a savings account or passbook, and 23% have life insurance as a form of savings. Eighteen percent of respondents prefer to keep their money at home or in a safe.

When asked about their savings motivations, 65% of Croatians save for emergencies, 45% aim to secure financial stability for themselves and their families, and 21% save for retirement. Smaller portions save for specific goals, such as large purchases (28%) or holidays (17%), with education being the least common reason (7%).

Many Forced to Cut Spending Amid Price Increases

Financial strain continues to impact household budgets, with 44% of respondents reporting that they are saving less than before. Rising prices have forced 28% of Croatians to reduce their spending significantly. Among those most affected are citizens over 60, with 62% reporting notable cutbacks in spending, compared to only 6% in the younger age group and 13% in the middle-aged group.

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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