In the report, the respondents also mention shoes (29%), designer clothes (28%), a console or video game (19%), a computer (16%) and other products, such as a bicycle or camera, in the report. It turns out that a third of Poles finance the purchase of products for their children with borrowed money or uses a credit card limit for this purpose.
About the study
The survey is conducted once a year and is intended to provide a picture of consumers’ daily lives, expenses and the ability to manage their home budget within a month. This year, a group of 24,401 consumers in 24 countries in Europe, including Poles, was analyzed.
This year, we focused on analyzing the driving forces that cause excessive consumer spending. One of them is strong social pressure on parents, which can result in long-term debt. Given the numerous payment options available and the social purchasing pressure that Poles are subject to, we must do more to create trust and teach each new generation of sustainable consumption, ‘explains Christoff Prauze.
Gifts for a loan
Almost every third Polish respondent is worried about where to get money for Christmas presents, with 40% of us usually spending more money on Christmas presents than expected. What’s more, 1 in 3 Poles admit that sometimes they have to borrow money or use their credit card limit to buy gifts. December expenses of Poles confirm the next conclusions – 1/3 of Poles financially defines January as the most difficult month of the year.
We like to buy on credit
47% of Poles see nothing wrong with buying consumer goods in installments, credit or borrowed money. Interestingly, this percentage is higher only in Latvia – 48% of responses. On the other hand, 27% of respondents on the Vistula do not support the purchase of consumer goods in this way. Thus, in this respect we occupy the last place among the countries where the survey was conducted. The European average of such answers is 45%.
We don’t pay bills because we forget about them
53% of respondents declare that in the last year they have at least once failed to pay the bill within the required time. Why? Poles just forget about it – 59% of responses. Other reasons for this are: lack of funds on the account (34%) or technical problems (15%). It is interesting that 5% of respondents admitted that they did not intentionally pay the bills on time. Almost every third Pole (28%) has borrowed money or used the credit card limit to pay bills during the last six months.
Who do we borrow from?
The report shows that we eagerly collect additional funds from the family – 39% of responses of surveyed Poles. The next place was taken by the bank (29%) and friends (22%). Every fifth of us exceeds the credit card debit, 14% borrow from a bank with no account, 13% from websites or SMS, and 11% from a lender or loan shark.
Which bills do we pay on time?
The fees that Poles are trying to regulate immediately include:
- bills for online orders, medical and dental services – 88%
- taxes – 83%
- insurance 80%
- payments for subscriptions to newspapers and magazines, sports tickets and other similar periodic fees – 79%
- mortgage payments – 78%
- repayment of liabilities on credit card – 75%
- rent, television, landline or mobile phone fees – 60%
We look forward to the future
59% of Polish respondents believe that they have a real chance of significantly improving their financial standing. This is more than the average in Europe, where 47% of respondents express such hopes. Almost half of Poles (45%) believe that they are or will be in a better financial situation than their parents, and 44% already see an improvement in their finances.