As many as 32 percent of Slovak households claim that not a single euro is left over from their salaries at the end of the month, according to a survey carried out by Partners Foundation and the Focus agency. A further third of respondents are able to save barely 10 percent from their incomes for a rainy day. Expert on personal finances Martin Gdula thinks that people are mistaken if they think that only their level of income and salary increases have an impact on living standards. The decisive factor is people's ability to control their expenditures. Families spend the most money on groceries and housing followed by cosmetics, clothes, and leisure activities.
Around 67 percent of the respondents are convinced that they have a good overview of their money, even though 52 percent don't draw up any sort of regular outline of their incomes and expenditures. More than half of all respondents stated that both partners handle money, while almost one third take care of money themselves and 15 percent entrust the task to their partners. "Households should be viewed like a firm because they also have their revenues and expenditures. A reserve should be created, optimally equalling six times the monthly income. This nest egg has to be safe and available", said Gdula. When this has been set up, 10 percent of income can be channelled into other purposes, such as children's studies and savings for retirement.
