The key to success is regularity
The trend of saving money is back and it pays off. Even smaller installments such hundreds of crowns, if deposited regularly, can lead to promising saving targets. The best product for evaluation is definitely a saving account. „The ING saving account offers 2% from every crown up to 300 000 CZK per month. It is available for new as well as existing clients,“ says the director of retail banking ING Bank Radek Sedlář. „Interest rates on saving accounts are growing and we expect a massive interest in these products this year. The savers can be motivated by higher salaries as well as concerns about the future economical situation,“ explains Jakub Seidler. The savings pay off not only financially, confirms a psychologist. „From a psychological point of view it is very important to save money regularly. The main reason is that when we fail to make a deposit, we fully realize it and tend to be more consistent in the future. If the saving is on a irregular base, people make excuses and put off the deposits until later. Whe the later comes, the situation of course repeats,“ says the psychologist Martina Viewegová.


Czechs mostly save 100 to 500 crowns per month
One fourth of the citizens save 100 to 500 crowns per month, one fifth saves 500 to 1000 crowns and 19% between 1000 to 2000 crowns. Only 2,5% of Czechs can put aside ten thousand crowns monthly. Financial reserves „for bad times“ is most important for the group of people from 30 to 44 years of age. People after the age of 45 save for pension. Young people save for housing and hobbies. „Almost three fourths of Czechs save their money on current accounts. However, these accounts do not evaluate the deposits, maily due to the infation. At the same time more than a half of respondents confirmed that they are not happy with their  financial reserve. They say they would like to save more this year that they did the last year. Especially people under 29 years of age would like to increase their savings. Last year only 17% of respondents reached their saving targets,“ adds Radek Sedlář. Generally speaking, people with higher education and income seek different forms of saving. People without high school education almost don´t save at all. Four fifths of the respondents have no problem saving some money on a monthly basis. 13% of people have secret savings which thier partner doesn´t know about.

Secret and impulsive purchases undermine saving plans
One fourth of Czechs, mostly women, make secret purchases out of their personal financial reserves. They usually buy clothes and cosmetics in sales. One third of respondents are not able to sacrifice smaller purchases in favour of savings. Especially young people fail. 55% of respondents have an account which only one partner can access. It is usually young people. Older generation has one common account. More than 60% of couples consult holiday expenses or Christmas expenses. Only one third of respondents sometimes argue about money. 7%  admits regular arguments. 84% of parents lead their children to save money regardless of education, gender or region.

Mainly women and young people make impuls purchases
Mainly women and low income groups of population spend money just to feel good. Men with higher education tend to compare prices on Internet. That helps them to avoid overpriced offers and herefore save. The price which is compared increases with age. 96% of respondents have compared prices on Internet sometimes in their life. It is mainly true for mobile phones or electronics. Three fifths save smaller amounts of money in a pig bank. 57% of these savers use the saved coins in the time of need.

Lenka Bicanová, editorka FFN