In Q1 2023, Polish household savings reached an unprecedented level, hitting the 2.03 trillion zloty (€456 billion) mark, a 7.4% YoY increase, according to data from the Polish Development Fund (PFR). Additionally, there was a 2.6% surge from the previous quarter. The total financial assets of Polish households escalated to 2.85 trillion (€640 billion) by the end of this quarter, a rise of 3.5% YoY and 1.5% from the preceding quarter.
Bank deposits formed the largest chunk of Polish household assets at 27.5%, followed by “other equity products” at 13.9%, and “other deposits” comprising 12.8%. Although cash holdings have dipped to 12.1% of total assets, Poland still boasts one of the highest cash-to-GDP ratios in Europe at 10.8%, just behind Germany and Slovenia. On the other hand, pension savings, investment funds, and publicly traded shares constitute 7.5%, 4.3%, and 3.3% of Poles’ assets, with Poland’s percentages in these sectors trailing many EU counterparts.
Source: notesfrompoland.com
