Although consumer price growth remains in double digits in the Czech Republic and the real incomes of most households are falling, people believe things will improve. Almost two-thirds (64 percent) of working-age Czechs expect their financial situation to change for the better within a year. That’s according to a survey for Patron GO of people aged 18 to 50.
However, almost a fifth of respondents fears they will be worse off than they are now. The remaining 17 percent believe their financial circumstances will stay the same.
However, almost half of the Czechs also plan to reduce their spending. Most will first cut back on restaurants, entertainment, and leisure activities. Only a mere tenth believe they could now find a cheaper energy supplier.
In Slovakia, similarly
The same survey was conducted in Slovakia at the end of September. Our eastern neighbors are slightly less optimistic, with 57 percent expecting an improvement in their financial situation. 19 percent of Slovaks expect the case to worsen, the same proportion as the Czechs.
“I am surprised that the Czechs and Slovaks are optimistic even amid the worst economic situation in decades and expect things to be better in a year. I welcome the optimism, but they should also be careful not to be surprised by the ubiquitous price hikes,” said Lukáš Vršecký, head of Patron GO, a financial management firm.
He added that people should, among other things, keep a close eye on all repayments to avoid overpaying and look for ways to save money.