Finance
20:07 16 November 2020
Post by: WBJ

Poles worried about their finances more than 6 months ago

Poles worried about their finances more than 6 months ago
Source: WallpaperFlare

According to the latest, second Polish edition of the EY Future Consumer Index survey, Poles are more concerned about their financial situation than in June. More than one-third of respondents face a decline in income due to Covid-19, which affects not only the assessment of the current financial situation but also a more pessimistic view of the future. Interestingly, however, the growing concerns about the financial situation do not translate into a stronger reduction in spending.

Very concerned about the state of their finances account for nearly 22 percent of the participants of the Polish edition of the EY Future Consumer Index survey, while nearly 7 percent of respondents do not show any concern about this issue. Comparing the results of the survey conducted in June with the results of October, it can be seen that the number of people who do not feel any anxiety about their finances, or their anxiety is low, has decreased, and thus the percentage of people who are more concerned about their home budgets has increased.

Greater concern about the material situation is the result of the financial consequences of the Covid-19 pandemic. As a result, over 37 percent of respondents suffered from a decline in income, and over 31 percent suffered financial losses. Moreover, over 16 percent of respondents in the Polish edition of the EY Future Consumer Index survey declare that their remuneration is lower, although the working hours have not changed, which in practice means, for example, that for working five days a week they receive a salary equivalent to work in four days.

On the other hand, lower-income and concerns about the financial situation do not significantly change the approach to spending money from household budgets. With greater caution than before the pandemic, nearly 59 percent of respondents spend their money, while in the June edition of the survey, 64.4 percent of the respondents declared this attitude.

(WBJ)


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