16:36 20 January 2025
Credit Agricole Bank Polska: tendency of households to save will decline in ‘25
Credit Agricole Bank Polska predicts that households' propensity to save will gradually decline in the coming quarters, influenced by expected monetary easing in Q3 2024. Despite this, the savings rate is not anticipated to drop sharply. Household net financial wealth reached a record high in Q3 2024, slightly surpassing the pre-inflation peak of Q3 2021.
Key factors limiting savings include slowing real wage growth and reduced accumulation of financial assets. Economists estimate that without recent increases in savings, consumption growth would have been 3.4 percentage points higher. High inflation in 2022-2023 reduced the real value of household wealth, initially boosting saving tendencies. However, monetary easing is expected to slow savings further, with private consumption projected to grow at 2.2% in 2025, down from 2.9% in 2024.
