Nearly three-quarters of Poles believe that saving is worthwhile - according to the latest report from The Citi Handlowy Leopold Kronenberg Foundation. The survey shows that stating our views is much easier for us than taking real action. We still have a problem with actually setting aside money, with only 41% of respondents deciding to do it. It is interesting that the report "Poles' attitudes towards saving"* clearly indicates that discussions on the topic of finances are the first step towards better management of a household budget.
"67% of us acknowledge that they discuss money at home. Why do we so willingly talk about finances? Mainly for two reasons. First of all because our household budget often calls for strict monitoring of expenditures - in such a case, discussion helps with rational management of expenditures and avoidance of spur-of-the-moment purchases. The second reason is a desire to set aside money, the key to which is household budget planning," says Krzysztof Kaczmar, President of The Citi Handlowy Leopold Kronenberg Foundation.
Such discussions provide an opportunity both for better monitoring of our household budget and for advance planning of larger as well as seasonal expenses.
YES TO MONITORING
Poles are masters of monitoring expenditures - 81% pay attention to what they spend their money on. But we mainly focus on large expenses - bills, big purchases. However, it is precisely in minor expenditures, which only a third of us monitor, where the greatest potential for saving lies.
"Many comparisons and calculations have been made of the benefits of cutting back on even small purchases," says Krzysztof Kaczmar. "Let's imagine that we eat something sweet every day - it could be chocolate, cake, or wafers, and let's say that on average we spend 3 zł on it. This means that in one year more than 1000 zł disappears from our wallet. This shows that even small, insignificant expenses can have a huge impact on our household budget."
PLANNING - OUR ACHILLES' HEEL
Every year, Poles are surprised by the same thing - expenses connected with Christmas or the start of the school year. In the case of household finances, many purchases repeat themselves year after year. Unfortunately, only 7% of us plan their budget a year in advance; most of us think about it from month to month - 38% of us do this.
"We don't have to think in detail about our household budget already a year in advance," advises Krzysztof Kaczmar, "but let's start thinking in which months our expenses will for sure be much higher. This happens, for example, at Christmas time when we spend more on food, incur costs of traveling to visit our families, and buy gifts for relatives. For these expenses we should put aside additional amounts, which will enable us to maintain financial liquidity."
POLES ON SAVING
The results of the survey by The Citi Handlowy Leopold Kronenberg Foundation clearly indicate that Poles believe that saving is worthwhile, but only a small percentage of us regularly put aside money. However, positive changes can be seen in our approach - for the first time in seven years, the proportion of people regularly putting aside money has topped 10%, with 12% of respondents now stating that they regularly set aside some of their money. Public debate about the Open Pension Fund (OFE) has also resulted in a 7-point increase compared to 2013 in the percentage of people who set aside funds with a view to their retirement. But still, only 16% of us do this.
*"Poles' attitudes towards Saving" is a regular survey conducted by The Citi Handlowy Leopold Kronenberg Foundation and PBS using the CAPI (Computer-Assisted Personal Interviewing) method. The survey analyzes Poles' approach to questions related to saving, retirement, and investment. It is published as part of "Savings Week", a nationwide educational campaign connected with World Savings Day celebrated around the world on October 31.
