Majority of Poles not Worried about their Finances because of the War, though still Saving Some

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Almost 60% of Poles claim that they are not worried about their financial security as a result of the war in Ukraine, according to a study conducted by Opin24. This does not mean that in connection with the events beyond the eastern border, they do not decide to cut expenses.

One of the consequences of the almost 8-week-long war in Ukraine is the uncertainty in the financial markets. So far, it has not translated into Poles’ concerns about their own financial security. According to a study commissioned by Taves, 59% do not have such concerns. The vast majority, as much as 81% of the respondents made decisions regarding their finances. The survey shows that every fourth respondent (25%) decided to cut expenses.

– Lack of major concerns about the safety of savings may result from the fact that our knowledge about finances is growing and we have already made some changes in the way we manage money during the pandemic – comments Aleksander Pawlak, President of the Tavex Management Board.

– Unfortunately, we have to get used to the uncertain and unstable situation for some time and take even more care of our financial resources, because the economic forecasts for the coming years are not optimistic. Despite the fact that the responses of the respondents show relatively little anxiety, in the future we can expect a change in consumer habits, including lowering the volume of consumption of higher-order goods and services, he adds.

The study shows that concerns about the safety of one’s own finances increase with age. The youngest respondents from the age group 18-24 (12%) and 24-34 (19%) express the smallest. The greatest concerns about financial security are found in the 45-54 (31%) and 55-64 (36%) age groups.

As mentioned, only 8% of Poles decided to invest their resources after the start of the war. The most common decisions were to buy real estate (25%). Every tenth respondent from this group purchased cryptocurrencies or shares on the stock exchange (11 and 9%, respectively). 6% of the respondents decided to change their currency, most often to the euro (60%).

71 % of the respondents fear that due to the war in Ukraine, the price increase will be significantly higher than last year. Only 8% of respondents claim that the war in Ukraine will not have any impact on inflation in our country.

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