K&H: how long are your savings enough for?

By: Trademagazin Date: 2024. 01. 25. 11:36

Just over half of young people in their twenties have savings, but many of them only have enough reserves for a short time, according to the K&H youth index. According to the results of the survey, in the fourth quarter of last year, among young people with financial reserves, three out of ten could survive for one month, while another 37 percent could survive for more than six months.

There was another turn in young people’s savings. In the fourth quarter of last year, 51 percent of 19-29-year-olds had savings. This represents a minimal – and within the margin of error – decrease compared to the 54 and 56 percent measured in the third and second quarter, respectively, but it surpasses the 49 percent rate for the first three months of 2023, according to the K&H youth index.

The research also gave an answer to how long young people with reserves could survive if they had no income and no money from anyone. More than three out of ten, 33 percent, said that they would only run for one month with the money set aside, while in the previous three quarters of 2023, their percentage was 33, 38 and 37 percent. Based on the recent survey, 30 percent of them could finance their own lives for three months. This was true for 23 percent of them in the first quarter of last year, 30 percent in the second, and 27 percent in the third.