Slovakia household savings on the up

The rate at which Slovak households save money is set to exceed 9 percent of net salaries, thereby confirming the trend among Slovaks to set aside increasingly higher amounts, data from the first three quarters of 2018 have shown. The positive trend is due to continue this year as well. "Lasting growth in the Slovak economy, jobs and salaries will continue to create space for households to save an increasingly larger proportion of their incomes for future expenditures. The motivation to save money has taken on a new dimension due to regulations on the mortgage market. Those interested in buying property will have to deposit increasingly more of their own money, as banks don't allow 100-percent mortgages any more," Zdenko Stefanides, a senior economist at VUB bank, said.