ING: Poles still weak at managing their household finances

Although household finances are the second most important sphere of life for Poles (69%) after family and friends (87%), statistics show that they lack proper know-how regarding budget planning and saving, according to a study by ING “Financial habits of Poles”.

Poles devote the largest portion of their time to work and career (32.5 hours average), followed by family and friends (19.8 hours), but only 3.2 hours to household budgeting. However, 76% think that they spend an appropriate amount of time on their household finances. But 36% don't set aside money regularly, and 11% don't save at all. Moreover, the majority don't make use of modern methods: only 21% take advantage of tools available through online banking.

“ING surveys indicate that Poles, objectively speaking, are not the best when it comes to managing their finances. We are more often surprised by unexpected expenditures than residents of other countries. Yet subjectively, we consider ourselves good managers of our personal finances,” says ING economist Karol Pogorzelski.