Hungarian Household Savings Just Above EU Average

Hungary is among the top EU countries in terms of gross household savings, according to Eurostat, the European Union's Statistical Office.

The gross saving rate of European households is the share of gross disposable income that people do not spend. In this respect, Hungary ranks high in the EU, the financial portal portfolio.hu reports, citing the EU's Statistical Office. According to Eurostat data, Hungarians saved on average 17.4% of their gross income in 2021, which is above the EU average of just under 17%.

Ireland tops the list with an average of 24% of gross salary saved, Hungary is 11th, while the worst savers are the Poles, who put aside just 2.8% of their gross income.

According to portfolio.hu, the increase in the Hungarian rate may be due to the fact that the central bank pumped more money into the economy last year, but there was also the gradual re-introduction of the 13th month pension and the pension premium payment, which amounted to HUF 200 billion last year, and the fact that household consumption in 2021 did not pick up as much as in other European countries.

At the same time, inflation on the other side significantly reduce the value of savings. And the outlook for inflation is not very bright for next year either, which is likely to be felt on savings.