Saving in Crisis Too – We Set Aside RSD 5,516 Each Month on Average

Nearly 70% of the Serbian citizens believe that setting money aside is very important, but would like to be able to save more – only a fourth is satisfied with the amount they can save. The average monthly saved or invested sum this year amounts to RSD 5,516, which is slightly less than last year, but nearly RSD 1,400 more compared to seven years ago, as shown by the traditional annual survey done by Erste Group* about the saving habits of the citizens of Serbia.

Popularity of savings growing

What do we save the most for? In the context of the global economic crisis, forming a fund for the hard times and emergency cases is quite expectedly the primary motive for saving (53%), whereas forming financial reserves for the family is second (45%). A fund for an older age is made by 22% of the subjects, whereas 5% are forming funds for education and training. Those who save are also motivated by saving money for a vacation (23%), purchase of a phone or a TV (11%) and a more expensive purchase, such as a car or an apartment (10%).

The number of those who do not save at all is reducing with each year. There are currently 43% of them, nearly 10% less than in 2018. The most represented saving or investment product is still life insurance – it is used by 13% of the citizens. This is followed by demand savings and tied savings at 11% and 8% respectively. However, while each of the said products is recording a slight drop in popularity compared to 2020, cash saving at home or a safe is practiced by 32% of the citizens, as much as 10% more than in 2020.

Banks expected to improve financial literacy

Due to its importance for the prosperity of an individual and the whole society, great importance is placed today on financial literacy. When asked which institution should provide information and knowledge about financial topics, 54% citizens respond that it’s banks, which is 8% more compared to last year’s survey. Other sources of information about finances are considered to be the family (40%), media (32%), state institutions such as the Ministry of Finance (30%) and schools (27%).

Only one fifth of the citizens believe that they are well informed about financial topics and banking products in general. On a scale of one to five, around 40% rate their general knowledge about this topic with the grade “three”. When it comes to investment products which carry a certain risk, such as shares, bonds and funds, they are still unfamiliar to a great majority – 84% of the subjects are not well informed or fully uninformed about them. Even so, one third of the subjects have a positive opinion about investing money in said products, especially those between 15 and 34 years of age. Still, a small percentage is ready for risks and potential losses – 8%, as opposed to the 80% of the cautious ones.

Inflation affecting more than a half of the citizens

Compared to the previous surveys, the percentage of the citizens who say that their financial situation has worsened in the past two to three years has increased (45%). That it has remained unchanged is claimed by 40% of those surveyed, and 10% estimate that it is better than it used to be.

This year’s survey of Erste Group about savings has also touched on the inflation in order to see to what extent the price increase for basic products and services is affecting the consumers’ budgets. As many as 57% of the subjects answered that they are quite or very affected by the price growth, and 87% are forced to reduce their personal consumption a lot, quite, or slightly. Only 2% of the citizens are not affected by the inflation at all.

Saving in Erste Bank – pronounced growth of savings in dinars

The average tied savings deposit in euros in Erste Bank is EUR 18,500, and the average dinar-denominated savings deposit is over RSD 1.6 million.

– It’s interesting to point out that, compared to last year, an increase in the average dinar deposit by as much as 140% was recorded, which is a very encouraging data that shows that all the joint efforts of the National Bank of Serbia and the banks in the field of dinarization have produced results. As of August 31 this year, when it comes to time savings, we have more than RSD 3 billion in dinar savings and over EUR 107 million in FX savings. The data that pertains to the whole year, concluding with the end of August, point to a reduction of tied savings and the increase of a vista FX deposits in Erste Banks – says Nino Stameski, the director of the Regional Center of Novi Sad, Sector of Sales for Citizens, Small Enterprises and Entrepreneurs.

When asked by the press whether there are also savings in Swiss francs, he said that there had not been such inquests, but that clients were asking about savings in dollars.

When it comes to savings in the territory of Serbia, Stameski said for eKapija that Vojvodina was traditionally an area with a large number of seats, with Novi Sad, Backa Palanka and Stara Pazova standing out. There are also savings in Belgrade.

– When it comes to other parts of Serbia, plenty of factors are involved, among them that the decision on savings also depends on how the bank is positioned and how recognized its brand is – Stameski said.

*The market research agency IMAS International has carried out a survey for Erste Group about the habits, behaviors, attitudes, motives and concerns that the citizens of Serbia have regarding savings. The phone survey was carried out in June and July 2022, on a sample of 510 subjects older than 15 who can use banking services. In addition to our country, the same survey was carried out in Austria, the Czech Republic, Slovakia, Hungary, Romania and Croatia.

Erste Bank a.d. Novi Sad

Narodna banka Srbije Beograd

Erste Grupa

market research agency IMAS International

Nino Stameski

Ansgar Löhner

savings in Erste Bank

savings in Serbia

savings habits

savings

life insurance

financial literacy

inflation

savings in dinars

savings in dollars