Do people in Poland feel financially secure?

65% of people in Poland say they have savings. 18% of persons polled estimate they have set aside 1-2 monthly salaries; 15% have 3-5 salaries; 10% have 6-10 while 17% have over 10 salaries. Interestingly enough in the youngest group of respondents (aged 18-29) the percentage of people who have savings is no less than 71%.

Chart 1. Personal savings in Poland. The savings constitute how many salaries?

The declared savings do not lead to a sense of financial security. Only 44% of persons polled feel financially secure. Moreover a clear difference may be observed between men and women - 51% men and only 38% women feel financially secure. The survey also shows that the sense of financial security does not increase with age; however it is much stronger among 500+ beneficiaries.

Chart 2. Sense of financial security. Do you feel generally financially secure?

In answer to the question about the amount saved to feel financially secure, no less than 52% of persons polled said it should be more than 10 monthly salaries. Unfortunately only 17% of respondents say they have set aside this much.

- The amount of accumulated savings is affected by the period and regularity of saving. For many years now we have been convincing our customers that it is important to set aside even small amounts and that long-term saving brings best results. We emphasise that the key to success in saving is self-control and consistency – Robert Chorzępa, Head of Savings Products Sub-unit in Bank Millennium, said. - Talking to customers we also see that the need to have savings or financial security comes rather from the approach and financial awareness of the particular person rather than the size of their wallet.

Customers, who want to save, have a wide choice of savings and investment products. The savings account remains popular as always, allowing money to be set aside conveniently thanks to the possibility of depositing any amounts and at any time. The account also provides easy access to the accumulated amounts without losing interest. Additionally thanks to the mobile app and the online banking system, the savings account can be accessed anywhere on a 24/7 basis.

In the current promotion holders of Konto Oszczędnościowe Profit savings account in Bank Millennium can earn 2.5% per annum during 3 months on new money up to PLN 100,000. The promotional interest rate on amounts over the PLN 100,000 is 1.7% per annum during three months. The promotion is valid till 13 January 2018. More information is available here www.bankmillennium.pl/en/individuals/saving-products/profit-savings-account

Survey metrics: the survey was carried out by Instytut Badań Rynkowych i Społecznych IBRiS on 24–25 August 2017 on a representative national sample of 1100 adult Poles. Technique used: CATI.