The results of a survey about savings habits in Croatia, commissioned by Erste grupa from the agency IMAS in July 2017 and encompassing more than 500 participants, showed that Croatian citizens on average saved HRK 473 a month or 10 per cent more than last year. The study showed that men on average saved HRK 519 a month or 20 per cent more than women. Around 25 per cent study participants said that they saved more than two or three years ago, mainly due to increased income of their household (59 per cent) and other reasons such as a new job (10 per cent), saving for a future purchase (5 per cent) or saving to buy or build a house/apartment.

Comparing countries of Central and Eastern Europe and the average monthly amounts saved by their citizens, Austrians are in the lead with an average of EUR 239 a month. Slovakian are the next with an average saved amount of EUR 106, followed by the Czechs with EUR 88. Croats are in the middle of the rank list with EUR 63 saved a month, followed by Hungarians with EUR 53, Romanians with EUR 53 and Serbs with EUR 37. Average saved amounts increased in all countries compared  to the last year, but Romanians are in the lead this time with 15 per cent higher saved amount, followed by the Czechs with 14 per cent higher saved amount.

Fewer citizens keeps their savings a home

Asked if anything changed in their savings habits due to the current low interest rates on deposits, somewhat more than 30 per cent Croatian citizens said no, while 25 per cent have been driven by low interest  rates on savings to give their extra cash to their children and their families, 24 per cent keep it in their current accounts, and 19 per cent have invested it in real estate properties.

In spite of very low interest rates, classic savings and savings books are still the most popular form of savings in most countries of Central and Eastern Europe. In some countries, like the Czech Republic, Slovakia and Hungary, they have even gained popularity.

Almost 50 per cent Croatian citizens have classic savings accounts, and an equal percentage keeps their money in their current accounts. Housing savings is the next most popular form of savings, followed by investments in securities, shares and investment funds, and gold and other precious metals. Compared to the last year, the percentage of survey participants who save in cash and keep their savings at home or in a safe deposit box has decreased by only 5 per cent and has been on a continual downward path for the past four years.

Where to get advice on where to save or invest?

Asked if they believed that they were sufficiently informed about financial topics and banking products, 32 per cent of women and 48 per cent of men replied that they were satisfied with their level of awareness. 32 per cent of the citizens would seek advice on where to save or invest their money from friends or family, 20 per cent would consult a personal banker/advisor or seek advice at a bank branch, and 15 per cent would do their own research online, in the papers etc.