K&H: the young people who save are back

By: Trademagazin Date: 2023. 09. 14. 11:35

The proportion of young people with savings increased significantly in one quarter: according to the K&H youth index, 49 percent of them had reserves in the first quarter, and 56 percent in the second, the latter value corresponding to the previous results of the survey. Along with all this, 33 percent of young people could live without a regular income for a maximum of one month, and only 11 percent of them have sufficient reserves for a period of time exceeding one year.

The savings of young people are characterized by duality. Although the proportion of people with savings has increased significantly compared to the previous quarter, at the same time there are many people who would not be able to live without a regular income in the long term – this is clear from the K&H youth index survey, which also gives an idea of the savings of 19-29 year olds.

In the second quarter, 56 percent of young people had savings, which corresponds to a significant improvement compared to the level of 49 percent in the first quarter. At the same time, the 56 percent value corresponds to the previous quarterly values of the survey, i.e. young people corrected the decline that occurred in the first quarter. In other words, some of the young people exhausted their reserves during the winter period, but were able to accumulate a considerable amount again by the second quarter. The second half of the 2010s was characterized by values well below 50 percent. In recent years, due to the coronavirus epidemic, in the third and fourth quarters of 2020, 40 and 46 percent of them had savings, and from the first quarter of 2021 to the end of 2022, this ratio was close to 60 percent. Overall, the situation has improved in the longer term with regard to the proportion of young people with savings.