Czech Savings Falls Amidst Continuing Pandemic

By: The Quinnipiac University Economics Research Team, Nicholas Ciampanelli


According to a survey published by Provident Financial, approximately half of Czech households have less than three (3) months of savings. Additionally, nearly half of all households have some leftover funds after paying necessary expenses; only seven percent (7%) of respondents cited having a surplus of remaining funds. Lastly, fourteen percent (14%) of households report having no savings as a consequence of rising inflation rates, energy costs, and food costs.


Much of the variation in savings is largely driven by factors such as gender and education. Women tend to have less savings than men, but also generally earn less, are underrepresented in the Czech labor force and take longer paternal leaves. Additionally, those with a university education often receive more compensation than those without a secondary education and hence are better able to – and do – save more.


This article is based on: https://english.radio.cz/survey-half-czechs-only-have-savings-three-months-8739451

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