Recent statistics reveal a notable increase in the percentage of individuals with savings across Central and Eastern Europe (CEE), particularly highlighting Czechia’s prominent position. In 2024, over four-fifths of Czech citizens said they had deposits. This great number puts Czechia as a leader in the region when it comes to savings deposits. This trend is a profound change since 2015, indicative of a long-term value shift in attitudes toward saving and financial security.
Czechia’s response data highlights that 100% of respondents reported that more than half of their population, or over 50%, have reported owning saving deposits. This conclusion resonates with the facts extracted from the OeNB Euro Survey Dashboard. It illustrates that Czechia is at the forefront of saving propensities among the CEE nations. Interestingly enough, that preference in cash savings has waned throughout the nation. Czechia and Poland have both gone from being the highest to the lowest tendency to want to save in cash.
Changing Attitudes Toward Savings
Czechs have developed a widespread culture of saving over the past 10 years. This trend reflects a desire from citizens to be more informed stewards of finances. Though historically, most people chose cash, it’s become more common to save in different ways. This shift is indicative of a broader, changing economic reality in which Americans are finding new paths to building long-term financial security.
When people understand the value of savings, banks and credit unions will follow the market signal with products designed to serve a new set of customers. The increase in savings beautifully coincides with the importance of the economy. This is reflected in the coalition agreement adopted earlier this year between Czechia’s ANO, SPD, and Motorists parties. Their demonstrated commitment to good governance will do even more to instill confidence in the macro economy and a culture of saving among the citizens.
Regional Comparisons and Economic Indicators
The increase in savings isn’t unique to Czechia. In Hungary and Poland as well, about half of people are said not to have savings—indeed mirroring the regional picture in these two adjacent countries. Yet their preference for cash savings remains higher than that in Czechia. In fact, since 2015, Czechia has been one of the biggest drop-offs in cash preferences.
Plus, important recent economic indicators give further context to these trends. Hungary recorded a trade surplus of EUR 589 million in September. At the same time, Romania was reporting an unemployment rate of 5.9% in that same month. These figures indicate a promisingly stable economic climate throughout the region, creating an environment where saving is possible.
Broader Economic Context
This increase in savings coincides with World Saving Day on October 31, a day dedicated to promoting savings awareness globally. As CEE nations seek to recover from their economic woes, conversations about the merits of savings will be more relevant than ever.
The EURHUF exchange rate is maintaining its position close to 388. In the meantime, EUR/PLN is trading in the high 4.24’s on the morning of Friday October 22. At 11 AM CET, Croatia will release its industrial output and retail sales growth figures for September. This data has the potential to inform smart regional strategies to grow the economy.