The average debt of a person over 65 years-old is PLN 9,936, according to the Credit Information Bureau (BIK). In value terms, seniors have the most consumption loans (PLN 18.9 billion), followed by mortgages (PLN 6.6 billion), credit cards (PLN 1.1 billion), and debit limits (PLN 0.9 billion).
According to BIK, seniors are active participants of the financial products and use all different kinds of credit products. Their advantages are a stable income and housing independence, resulting from having the most-owned property. It can place seniors in a better position than people on family or professional achievements.
“Younger generations can still count on grandmothers and grandparents. The need to share and support their family and relatives can influence the demand for cash, as seen in BIK data, 50 percent of seniors’ credit products are consumer credits (50 percent), followed by debit lines (31 percent) – here seniors are above other age groups, where the total share of active debit lines stands at 20 percent,” said the main credit analyst at BIK Waldemar Rogowski, quoted in the report.
There are currently 6.4 million people ages 65 and up in Poland, of which 60.7 percent are women. Despite the anticipated decline in the population by 4.5 million by 2050, a systematic increase in the number of people aged 60 and over is expected. According to GUS data in 2050, in Poland, the share of older people will exceed 30 percent in rural areas, while in urban areas it will approach 35 percent.