There are serious differences between the savings of people in their twenties

By: Trademagazin Date: 2024. 07. 03. 08:44

Less than half of young people, 45 percent, have no savings at all. Those who have, had HUF 643,000 on average in the second quarter of this year, according to the K&H youth index. 56 percent of 19-29-year-olds would be able to finance their lives for a maximum of three months if they had no income, only 6 percent could plan for more than a year.

A mixed picture emerges of young people’s savings according to the K&H youth index, which presents the situation of 19-29-year-olds based on first-quarter data.

How much are they?

On average, the respondents had HUF 643,000 in savings. Although this represents a significant increase compared to the HUF 419,000-549,000 averages measured in the last three quarters, it is still not an increase based on the trend seen in the four-quarter moving averages.

Young people who actually had reserves reported an average amount of HUF 1.17 million in the second quarter. The significant difference can be explained by the fact that 55 percent of the respondents only have savings, while the rest do not.

The research reveals that 14 percent of them have less than HUF 100,000, and 9-9 percent have reserves between HUF 100-250 and HUF 250-500 thousand. In addition, 7 percent of them reported an amount between 0.5-1 and 1-1.9 million, and 4 percent classified themselves as saving more than HUF 2 million.