Poles’ gross financial assets increased by 9.3% in 2021, according to the Allianz Global Wealth Report. It covers almost 60 countries of the world that generate 91% of global GDP. In the analyzed countries, the financial wealth of households increased by a total of 10.4%.
Allianz analysts indicate that it was the third consecutive year of double-digit growth, but this positive trend will change in 2022 due to disturbances in the global economy and higher inflation.
The increase in the financial assets of Polish households last year was in line with the trend of the last decade (on average 8.1% per annum). In 2021, assets in pension and insurance funds increased above average (by 15.2%), which was due to the inflow of new In total, however, the new savings decreased after the extraordinary ‘jump’ in the pandemic year 2020. Poles, traditionally, invested most of the savings in banks, according to the report.
As a result, in 2021, 51% of household savings were accumulated in banks, 27% in securities (the category includes, among others, investment funds, treasury bonds, shares), 12% in pension and insurance funds.
Household debt increased by 5.1%, in line with the long-term trend. At the same time, the debt-to-GDP ratio decreased to 33%, mainly due to strong economic growth in Poland, it was reported.
Taking into account the dynamics of savings and debt, in net terms, the financial assets of Poles in 2021 increased by 11.2%, the report summarized.
Source: Allianz and ISBnews
