Czechs are not very optimistic about the upcoming year, at least in economic terms. A December survey conducted by the Median agency for Czech Radio revealed that most people anticipate having to save money next year, particularly on food, sports, and clubs.
55% of respondents plan to reduce expenses in the coming year. Women are more inclined to save money than men, and only 13% of respondents are confident that they will be able to manage their household budgets without any restrictions next year.
Half of the respondents plan to cut spending on clothing, and the same number aim to limit their budgets for vacations and travel.
“Two-fifths of respondents plan to save on food, mainly residents of large cities with populations exceeding 100,000. Additionally, two-fifths intend to reduce expenses on sports and clubs. A third of respondents want to look for another source of income to make ends meet in their family budgets. This option is more often considered by young people aged 18–29, as well as students and schoolchildren,” noted Median researcher Vojtěch Dufek.
People who expect 2025 to be significantly worse for them than 2024 plan to save much more frequently compared to those who anticipate that the next year will be better than the current one.
However, according to the survey, for most people, financial struggles do not lead to taking out loans. More than 70% are certain they will not borrow money next year to address family budget issues.
“Only 7% of respondents are considering taking on debt. Women (87%) are more opposed to debt than men (81%). The willingness to take on debt decreases with higher levels of education,” Dufek added.
The population’s debt to banks has steadily risen since February 2016. An exception occurred in April 2022, when it decreased month-over-month due to the revocation of the banking license for the Czech branch of Russia’s Sberbank. According to the latest data from the Czech National Bank, Czechs owe banks more than 2.3 trillion crowns.
