More than a trillion savings that Poles have deposited in banks and an undefined amount of money kept “at home” confirm that society’s preferences regarding the allocation of financial surpluses do not change. Still, the most popular ways of saving and investing are certain government securities and real estate. However, the richer society will look for alternative ways of saving, believe the participants of the panel entitled “Invest or save. How to secure the future?” during Congress 590.
“Although Poles keep over a trillion zlotys in banks, it is difficult to talk about deposits at the current level of interest rates. Poles are a conservative society, so most often they are investments in treasury securities or real estate,” said the vice president of Bank Pekao, Jarosław Fuchs, during the panel at Congress 590.
In his opinion, there are still many investment opportunities on our market, especially for people with more capital. Nevertheless, they are still most likely to choose the housing market.
“Clients who have funds in the bank have recently paid them to finance their own contribution to the purchase of an apartment. It still seems to be the safest and safest investment,” added Fuchs.
Maciej Brzozowski, vice-president of Alior Bank, is of a similar opinion about the investment preferences of Poles. According to him, although Poles tend to take risks in terms of finances, in times of market turmoil, they choose security.
“It is difficult to assess how much savings Poles have outside of banks, but as a society, we really prefer safe and predictable assets. This can be seen in the real estate market, which records significant increases,” said Brzozowski.
According to the director of the NBP’s Economic Analysis Department, Piotr Szpunar, Poles behave rationally and manage their savings in a manner adequate to the economic situation.
“It is true that the savings rate has increased globally, because during the period of the economy closed by the pandemic, we did not spend money, for example, on services, but we still think about the future. Therefore, we prefer apartments or the real estate market in general, which has been regarded as certain for years,” confirmed the director.
The vice-president of Bank Pekao emphasized the importance of economic education, which practically does not exist in Poland at the level of primary or secondary schools. As he noted, the lack of knowledge makes it difficult to invest more boldly or in complex instruments.
“Having basic economic knowledge makes it much easier to make decisions about allocating your money. An educated, young person with knowledge of economics is definitely less conservative and open to using various forms of investment or saving,” assessed Fuchs.
However, as noted by the vice-president of Alior Bank, the new generation entering the labor market in recent years has clearly greater awareness and tolerance of risk, which is why it can be seen as an opportunity to change the preferences of Poles in terms of investment.
“For them, the most important thing is their own apartment or car, which can be rented, just like with a job that can always be changed. This bodes well for the future,” said Brzozowski.
According to the participants of the panel, systematic economic growth and a quick recovery of the market after the pandemic will increase the wealth of the society, and thus will affect the search for ways to invest money more effectively.
“Development will surely drive consumption, or completely alternative investments, such as jewelry, art or alcohol, but some of the money will definitely go to the financial system. I do not know whether it will be the capital market or banking and investment products, but the wealthier society will seek alternative ways saving,” concluded Fuchs.
Source: ISBnews
