The latest edition of the "Finances of Poles" survey commissioned by Bank Millennium reveals a more optimistic portrait of the financial situation of Polish residents. More and more people (43 percent in 2024 vs. 37 percent in 2023) declare that they save surpluses when they have the opportunity. An increase can also be observed in the group of those saving for a specific purpose (24 percent in 2024 vs. 19 percent in 2023). The group of regular savers remains almost unchanged at 30% of respondents. There is also an increase in the percentage of people investing surplus money (11 percent in 2024 vs. 7 percent in 2023).

- The results of the survey are in line with the picture of the improving income situation of households. The high dynamics of income, both from work and social benefits, allows a larger group of Poles to save and rebuild savings that were depleted in the previous two years. All the more so because the decline in inflation recorded in recent months has clearly improved the purchasing power of income. About 71% of respondents declare their willingness to restore savings to the level from a year ago. This confirms economists' observations that the saving rate of households is increasing, as they rebuild their savings after a period of decline in 2022-23. Especially since high nominal interest rates are conducive to this. The implementation of these declarations means that the high nominal wage growth will be accompanied by a more moderate pace of rebound in private consumption - comments Grzegorz Maliszewski, Chief Economist at Bank Millennium.

The results of the survey indicate that the percentage of people who have no savings and do not save is gradually decreasing - a significant difference can be seen especially compared to 2022, where the difference is 7 pp. (19 per cent currently vs. 26 per cent in 2022). The decrease is also visible in the group of people who have saved funds, but are currently not saving – in 2023 9 per cent, currently 5 per cent.

People aged between 25 and 44 show the greatest regularity in saving – nearly 40% of respondents in this age group declare regularly saving money. On the other hand, almost every fourth person over 45 years of age (~24 per cent) does not have savings and does not save. With regard to investing financial surpluses, it can be seen that men (15 per cent of respondents) are more willing to undertake it than women (9 per cent of respondents).

An increasing percentage of Poles manage to increase the amount of money they have. 38% of the surveyed people now declare that the amount of money they have saved has increased in the last 6 months – this group has increased by 8 percentage points in relation to 2023. On the other hand, the group of people who have less savings than six months ago has decreased – currently it is 34 per cent of Poles. In 2023, it was 10 pp. more.

In 2024, a change in the reasons that affect the decrease in the amount saved can also be observed. More often than last year, savings were spent on the purpose for which they were intended or due to an increase in current expenses (e.g. the birth of a child, moving to a more expensive apartment), and less often they were consumed by current needs or increasing loan instalments. In the event of a decrease in the amount of saved funds, Poles are determined to restore them – as many as 71 per cent of people declare that only when their financial situation allows them, they intend to restore their savings to the level from six months ago.

In 2024, the share of people who have saved amounts that exceed their annual earnings has increased significantly. Compared to 2023, this is an increase of as much as 6 pp. And now every fifth (21 per cent) person can boast of a solid amount of savings. Taking into account also Poles with accumulated funds exceeding the equivalent of half a year's salary, one in three people in Poland already has the so-called financial safety cushion.

Undoubtedly, the increase in salaries has an impact on the increasing percentage of savers. A definite improvement in the situation of Poles has occurred in the area of earnings – 41% of respondents declare an increase, while last year higher earnings applied to 21% of respondents. The smallest group is the group of people whose earnings have fallen and amounts to 17 per cent. A year ago there were 22 per cent of such people. This also translates into a gradual decrease in the percentage of people who believe that they live modestly and an increase in the percentage of people who declare that they live well.

- What should be assessed particularly positively is the further increase in the percentage of people who save funds in retirement accounts (14% in 2024 vs. 9% in 2022). This means that the interest in long-term saving, saving for retirement, is systematically increasing. This is all the more important because the replacement rate, i.e. the ratio of the future pension to the last salary paid, remains at a very low level. In the conditions of high inflation and high interest rates, it is natural to see a decrease in interest in holding cash - adds Grzegorz Maliszewski.

Bank savings products are becoming more and more popular with the increase in salaries and saved amounts. Poles are still most likely to choose savings accounts and deposits (49 per cent) and keep money in a current account (44 per cent). Gradually, but slightly, the popularity of cash is decreasing, although it still remains in a high position – this form of investing savings is still chosen by over 40 per cent of savers. However, a gradual increase in the share of pension accounts in the range of saving options can be noticed (14 per cent).

- We observe that our customers are saving more and more consciously. To meet their expectations, we offer a savings account and term deposits with attractive interest rates along with functions supporting regular savings. We want to support our clients in building a financial safety cushion and achieving their goals - says Robert Chorzępa, Head of Sub-unit in the Retail Banking Marketing Department..

The survey was conducted on the Ariadna National Research Panel on a nationwide sample of N=1135 people. Amounts selected according to the representation in the population of Poles aged 18 and over for gender, age and size of the town/city of residence. The survey was carried out on May 10-12, 2024. Survey method: CAWI.