The average senior debt of all types of repaid bank and non-bank liabilities is PLN 10,900 per person; two-thirds of these debts were incurred for consumption, the Credit Information Bureau (BIK) said.
According to BIK, older people mainly pay back cash and installment loans, and almost every fifth person among all Polish borrowers is over 65 years old. The BIK’s data show that the average 65-year-old is an active participant in financial life, he has all types of banking credit products as well as loans. Older people lead the way among other age groups in their share of cash and installment loan agreements, which account for 65.5% of the total all their obligations.
According to BIK, the phenomenon of the demand for "cash" of older people, who have stable but low income, is worrying. According to ZUS, the average pension benefit in the first half of 2019 was PLN 2,236.84. Seniors support themselves with loans and non-bank loans, financing their costs (like medical treatment), but also the needs of relatives (for example their grandchildren).