Bank360: Instead of consumption, the population started saving really mercilessly

By: Trademagazin Date: 2024. 08. 21. 12:19

Instead of consumption, Hungarians really chose to save: they saved a record amount in the second quarter. Government securities and investment funds are the favourites, but cash holdings are also at their peak, and the population is fleeing more and more money abroad – Bank360.hu’s analysis reveals.

The wealth of households continued to increase, at least for those who were able to save. According to recent preliminary data from the Magyar Nemzeti Bank (MNB), the financial assets of the population peaked at HUF 105,517.1 billion at the end of the second quarter, which does not include the value of their real estate. This amount would represent an average saving of HUF 26.3 million per household, but the majority of the financial wealth is in the hands of the top ten percent. According to the MNB’s previous wealth survey, about two-thirds of this wealth belongs to the top ten. The poorest 70 percent of the population had barely one-sixth of the financial wealth in 2020, and it is believed that the situation has not changed significantly since then.

Hungarians saved a record amount

In the second quarter, the Hungarians set aside an unprecedented amount. According to the data of the central bank, HUF 2,723.4 billion of fresh money was invested in financial instruments, but the returns did not turn out well, small investors lost HUF 24.5 billion. Looking at the year as a whole, however, they have no reason to complain, since in the first half of the year their exchange rate gains totaled HUF 2,360 billion, and the total new savings was almost HUF 4,440 billion, which would amount to HUF 1.1 million per household, but there are obviously huge differences between the saving capacities of individual families.

Of course, a significant number of families also have debts. There are more than 5 million private individuals in the BISZ Zrt. register, so half of the population may have credit debt, the number of outstanding credit contracts is 6.887 million. According to the latest data from the central bank, households had 15,333 billion forints in liabilities at the end of the semester, of which more than 13 thousand billion forints were loans. This is also a historical record and represents a debt of more than HUF 3.8 million per household, which is also unequally distributed among families. Savings are growing faster than debts, the net financial assets of households – financial assets minus liabilities – were HUF 90,184 billion at the end of June, which is also a historical record.
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