As a result of the increase in regular daily expenses, the proportion of young people with savings has decreased significantly, many of them only have enough reserves for one month, according to the first quarter results of the K&H youth index. The representative research conducted among 19-29-year-olds examined the savings habits of members of this age group. The survey revealed that
In the first quarter of this year, 49 percent of young people, mostly in their twenties, had some amount of savings.
This a significant decrease compared to the previous results of the survey: since the first quarter of 2021, their proportion was between 56-60 percent.
Apart from the decline seen in 2020 due to the coronavirus epidemic, the proportion of young people accumulating reserves was lower than this in the period between 2015-2018, thewhen 41-48 percent of them were able to collect a smaller or larger amount.
The detailed results of the survey also show that a significant number of young people with saved money could only finance their lives for a short time without income:
38 percent of them would be able to do this for a maximum of one month.
Among younger people, more people still live with their parents, which is why only 32 percent of them could survive for at most one month. At the same time, this rate is already 51 percent among 26-29-year-olds.
Young people with reserves 23 percent could “survive” a three-month period. At the same time, 26 percent of them could live without income for a maximum of six months, and 9 percent for a maximum of 1 year. Only 5 percent of those who could survive in the absence of a regular income for an even longer period of time.
Cover image source: Portfolio