41% of Poles save less because of inflation

Rising prices have caused 41% of Poles to decrease their savings, while 13% are saving more to prepare for future cost hikes, according to an ING report. These inflation-driven changes impact both savings and daily expenses, with most Poles allocating more income to food, groceries, and energy than five years ago. This trend is expected to continue for the next five years. Additionally, 52% foresee higher taxes in the future, 49% expect increased interest rates on loans, and only 33% believe savings account interest rates will rise. 27% believe core inflation will stabilize in one to less than three years. High inflation has led Poles to cut spending for three consecutive quarters, a rarity in recent decades.

To manage finances, six out of ten Poles consciously control spending, with 46% regularly tracking income and expenses, and 42% planning monthly budgets. Regular saving is reported by 35%, while 34% save occasionally. A significant 63% rarely or never discuss finances with experts. ING's report surveyed 1,003 Poles in July 2023 via computer-assisted web interviews (CAWI). ING Bank Śląski, mainly owned by ING Group, had total assets of PLN 217.27 billion at the end of 2022.

Source: inwestycje.pl