The financial wealth of Hungarian households rose to a record high level

The recent report shows that in the second quarter of this year, an unprecedented amount of HUF 2,723 billion was invested in some financial instrument. In the first half of the year, Hungarians saved a total of 4,440 billion forints, which would mean 1.1 million forints per household if it were distributed equally. At the same time, the debt of the population increased to HUF 15,333 billion by the end of the first half of the year, which is the result of a total of 6.9 million credit agreements of more than five million individuals. However, it is positive that savings grew faster than loans, so the net financial assets of households rose to HUF 90,000 billion by the end of June.

According to Portfolio’s analysis, savings can be mentioned as a separate category within the financial assets of households, which include cash, current account deposits, pension reserves and shares. Of these, HUF 57,000 billion was available in the second quarter of this year, which represents an increase of 18.1 percent in nominal terms and 13.5 percent in real terms compared to the previous year.

During the second quarter, HUF 457 billion were accumulated in current account deposits, HUF 440 billion in government securities, and HUF 431 billion in investment units. Hungarians still prefer government securities, in which they hold approximately HUF 13,000 billion, but investment units also showed a significant increase, rising by 37 percent in one year, indicating that the population is increasingly open to riskier investments.

The MNB’s data series are in line with the statement of National Economy Minister Márton Nagy on Wednesday, in which he explained that Hungarians are becoming more cautious in their financial affairs and prefer to save instead of consume.