Czechs Plan to Spend Savings This Summer

Despite the economic situation not being favorable for many people for quite some time, Czechs plan to spend their money this summer. Most people plan to spend tens of thousands of Czech crowns, mainly from their savings, on vacations, travel, and trips. However, some will also renovate their homes or purchase new household items. Unfortunately, some will involuntarily dip into their savings to pay for energy arrears.

According to a survey conducted by the Ipsos agency, interest in summer travel is not hindered by ubiquitous price increases. In fact, this may be why many people want to go abroad to get rid of everyday stress, as Veronika Benešová from Air Bank and Zonky.

Over half of Czechs plan to spend around 20,000 CZK on summer vacation. Almost every third person plans to pay a higher amount for home renovations. One-fifth want to buy new household items. Every seventh person has decided to buy a new car or motorcycle or repair the existing one.

However, for every eighth Czech, there will be an unpleasant hit to their family finances. They will have to spend a significant amount on energy bills. Less than ten percent have decided to pay off their current debts.

Most people planning significant expenses between June and August (85 percent) will fund them from their savings. About six out of a hundred people will borrow money from their family, and five percent will choose a consumer loan, and four percent plan to use installment payments directly from the seller.