Half of Hungarians do not have any savings
General goals are the most common savings goals of the Hungarian population: 57% of the adult population set aside money to build a safety cushion and 48% to prepare for major expenses, according to a survey commissioned by CIB Bank.
Other relatively high priorities include preparing for retirement (cited by 23% of respondents with savings) and covering health care costs (28%).
According to the survey, 53% of the adult population have savings.
Of these, most people keep their money in bank deposits - cited by 17% of respondents - while 12% invest in bonds and government securities and a further 10% in other securities. 12% of Hungarians have savings specifically for retirement.
On average, people keep their money in only 1.4 savings products, so the proportion of people using a single product is relatively high. However, the choice of financial products is strongly influenced by social and demographic circumstances:
The presence of savings in securities is mainly concentrated among university/college graduates and people living in the capital and county towns.
One of the survey's findings is that the majority of respondents - 62% - do not ask anyone for advice on their savings, while the proportion is much lower among those who save regularly - 41%.
Among those who also seek information from external sources, the internet is a common channel (11% of respondents), but asking family members is also common (10%). 6% consult their bank and a further 3% consult their own financial advisor.
The two main motives for saving are a sense of security (an important driver for 42% of respondents) and the pursuit of a specific goal (chosen by 31%). Saving for retirement is a much less important motive, but an important one for 12% of the population.
The representative survey was commissioned by CIB Bank and conducted by Magyar Target Pulzus Média Kutató Kft. in November 2024 with the participation of 1,000 people.
Cover image (for illustration purposes only): Getty Images
