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.
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.
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.