20.09.2016
Young Poles are saving for their passions
More than half of the Polish population aged 16–40, i.e. generation X, Y and Z are saving for major expenses, according to a survey made for Bank Millennium: “Millennium generation in the world of finance and new technologies, on the background of generation X and Z”. More than 72% of all persons polled are of the view that money is needed in life to reach your goals. At the same time the most representative age group among the Millennials i.e. 25–32 years, say that they like to make money. There are as many as 63% of them. The result is only obvious. This group is the most productive of all those polled.
The most frequent reason for saving is travel. 63% of those saving for major expenses do that for this very purpose, while close to half are saving money to buy a car. Persons aged 16–19 more often accumulate money to buy computer and phone hardware (57%) as well as fashion (61 %), while those aged over 25 are doing that to buy a flat/house. They account for as much as 55%.
Representatives of generation Y are familiar with banking services and use them gladly. The best known of these services are savings accounts and credit cards – 92% and 74% of respondents respectively had heard about them. 90% of Poles aged 16-40 have an account with a bank. This service is more popular among persons aged 25-40 (96%), while being less often used by younger persons aged 16-19 (64%).
- Preparing the report we wanted to comprehensively present the financial habits of the generation coming of age in the 21st century. The feedback concerning willingness of the Millennium generation to save money gives optimism. The generation, which has been so much stereotyped, is increasingly often disclosing its diversity. This is the key value of the research – Tomasz Misiak, Director of the Retail Banking Marketing Department in Bank Millennium said.
Thus the statistical Millennials are bringing down the myths, which have grown around their generation. Research also shows that young people in Poland are thinking about accumulating their savings. What constrains them however is not lack of awareness of the need to save, but rather what they see as insufficient financial means.
The report was intended to accumulate knowledge about a generation, which soon enough will be taking crucial political and business decisions. Today already their decisions as consumers are becoming increasingly significant and the financial sector, when designing products and services, is looking much more at the needs of people in their teens.
The survey covered a representative sample of 1000 Poles in following age groups: 16-19; 20-24; 25- 2 and 33-40. Its representative nature was observed as regards: age, sex, size of their town/city of residence. The full text of the report will be presented in October 2016.