Poll: 33% of Bulgarians Have No Savings

Society | December 13, 2013, Friday // 15:54
Bulgaria: Poll: 33% of Bulgarians Have No Savings Photo by Sofia Photo Agency

33% of Bulgarians do not have any savings in case of emergency.

These are the results of a poll among 1144 visitors of the financial website Moitepari.bg. 20% of people have said they have enough savings to cover their basic needs for 10 or more months. Almost 50% of the polled do not keep track of their savings.

Deposit and savings accounts are the most popular ways of saving (53% of all respondents). 17% of people prefer to invest in property.

There is a tendency to ignore retirement planning with 71% of people admitting to having never calculated their future pension. 26% of the polled fail to name the fund to which their compulsory pension insurance installments go, and only 18% are saving extra cash for retirement on their own.

77% of people do not use the services of non-bank financial institutions, only 6% are paying back fast loans of over BGN 1000. 43% of the polled say they are not paying consumer loan installments to banks, 9% owe BGN 10,000 to BGN 20,000 to banks, and nearly 7% of the polled owe sums of BGN 20,000 - BGN 50,000 to banks.

Approximately 52% of all respondents do not use credit cards, while 9% have a credit card debt of BGN 1000 to BGN 3000.

The information was presented as part of the project 'My life, my finances – financial literacy for youth'.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Society » Be a reporter: Write and send your article
Tags: savings, bank account, consumer loans
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria