Real household income grew by 5.9% in Q3 – NBP

According to the Polish Central Bank (NBP) report, the real household income increased in Q3 last year by 5.9 percent in year-on-year terms. The growth was mostly due to social programs like the Family 500+ program, NBP stated. “The Family 500+ program was responsible for 3.3 percentage point growth in income,” the report said.

In Q3 some PLN 6.4 billion were paid out from the program alone.

According to the report, financial assets of households at the end of Q3 stood at PLN 1.82 billion, which is a 5.5 percent growth y/y. Most of the assets were in cash and short-term deposits. The debt stood at PLN 685 billion, which is a 4.3 percent growth y/y.

“It’s hard to say how the Family 500+ program will affect Poles savings. With the growth of income the spending is also on the rise,” the report concluded suggesting that most of the additional funds are spent instead of saved or invested.

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