The savings rate in Czech households increased by 1.8 percentage points, ie most significantly in the entire period since the first quarter of 2014. In the first four months of this year, Czech households increased the volume of their deposits in deposit accounts by almost CZK 55 billion. However, in comparison with the Czechs, the noticeably richer Germans behaved similarly.
In March alone, German citizens saved a hundred billion euros more than in February, an increase that experts say is almost in line with panic.
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One-fifth of adults in the Czech Republic have been bred, but 400,000 Czechs have major problems. The index of the financial situation of households, which is determined by the STEM agency in cooperation with the consulting firm KPMG, is therefore at the level of 2017.
The problems do not affect all sections of the population in the same way. The decline is more often felt immediately by sole proprietors and entrepreneurs, but also by people with lower education, typically from manual occupations. The crisis has not yet hit employees hard.
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“People have had the opportunity to accumulate savings in recent months, and major redundancies and the obligation to repay deferred liabilities have not yet begun. It is a certain type of calm before the influx of unfavorable data, which will only start coming in the last quarter of the year, “said Mojmír Hampl, Director of Services for the Financial Sector of KPMG CR.
However, the data show that people believe that the Czech economy has the worst situation behind it and that the downturn will not deepen. However, this may occur with redundancies, a worsening of the coronavirus situation, or with low effectiveness of government measures, Hampl added.
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