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Most Ukrainians do not have savings - poll

Source : 112 Ukraine

Only 3.4% of Ukrainians held savings in the bank at the end of 2016
16:56, 5 January 2018

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According to the results of the poll conducted by GfK Ukraine, more than half of Ukrainians do not have any savings – either in cash or in a bank account.

Among those whose monthly wages do not exceed $143, 77.6% claimed they did not have any savings either in cash or in a bank account. Among those who make over $286 monthly, the same answer came from 55.1% of the respondents.

Related: Poverty and misery: what can Ukraine become in the nearest years

As a result, the inflow of individual savings held by banks has slowed down, the National Bank of Ukraine claims. In the second quarter of 2017, individual savings in domestic currency grew by 8% compared to the previous quarter. However, they even shrank in the third quarter - by 0.02%. Despite increasing by 0.4% in the third quarter alone, individual savings in foreign currency finished the year with an annual contraction of 0.7% nonetheless.

According to estimates by GfK Ukraine, only 3.4% of Ukrainians held savings in the bank at the end of 2016. That figure is two times lower than it was in 2008, when the “deposit maximum” was exhibited.

Related: UN: 60 percent of Ukraine’s population below poverty line

According to statistics, in the first half of 2017 total household savings shrank by $2.57. More than half of this amount was associated to foreign currency exchange (Ukrainians sold $1.43 billion more US dollars than they bought).

Also, the National Bank considers the increase in household debt toward public utility payments to be a major contributing factor. The overall household debt grew by an additional $189.3 million.

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