Eight out of ten Slovaks can feel the negative impact of inflation on their personal savings, and 43.7-percent have been forced to use their savings to cover the difference in costs, according to a survey carried out by Portu investment platform.
The most common reasons why people have been forced to use their personal savings are abrupt increases in prices, minimal salary increases, and higher repayment rates on loans. Around 23 percent of the respondents feared losing their jobs, while less then 5 percent of the respondents weren't concerned about inflation.
"In comparison to the great recession of 2008, people seem to be less concerned about losing their jobs. In March 2023 the unemployment rate was 5.61 percent, a huge improvement from the 10.33 percent in 2009," clarified Portu analyst Marek Malina.
Around 48 percent of the respondents claim to be open to cutting back spending on eating in restaurants, while 46 percent named holiday vacations, furniture or home equipment. Another 14 percent of the respondents stated they have no need to cut back on their spending.
Inflation in Slovakia has slowed down recently. In April it stood at 13.8 percent, and it seems that this trend will continue into 2024. According to Malina, food prices should increase at a slower rate and could possibly even decline, as they have in the Czech Republic.
Source: TASR
