Most Poles do not feel negative impact of pandemic on their finances

Over 60 percent of Poles do not feel the negative impact of the pandemic on their finances, and only 16 percent of them limit expenses, according to a study conducted by the Consumer Federation and the Financial Market Development Foundation. 10 percent of those asked has a problem with loan repayment.

Worsening of the financial situation is declared by 1/3 of the respondents, and this group is dominated by young people aged 18-24 and 25-34. However, this is not related to a sudden change in financial habits and even greater control of expenses – only 16 percent of respondents admit to limiting them. 

In most families (56 percent), the level of spending remained at the same level as before March 2020. Covid-19 also did not cause difficulties in paying off fixed monthly obligations, such as e.g. rent for an apartment or loan installments. Only 1 in 10 people indicate such a problem.

Fears of excessive indebtedness of Poles in connection with the pandemic also failed. As much as 90 percent of respondents denied that the current economic situation forced them to take out a loan or a loan. Moreover, more than half of the respondents (55 percent) reject this possibility in the coming months.

As indicated by the authors of the study, despite the general belief that Poles like to live on credit and willingly take out loans, the situation is quite the opposite in the case of worse and uncertain times. We do not incur debts when there is a real risk that we may have problems paying them back.

(PAP)