Czechs Prioritize Saving: 7 out of 10 Plan to Cut Down on Pub Visits

Despite January’s year-on-year inflation dropping from 6.9% to 2.3% and analysts predicting a rise in minimum wages over time, many Czechs are preparing to save this year—for instance, 69% plan to reduce their visits to restaurants and pubs.

This data comes from a survey conducted by Provident Financial at the turn of the year. Respondents generally expressed a slight optimism about the financial prospects for this year, yet they remain cautious and plan to continue saving, says Petr Javůrek, the company’s chief analyst. According to the survey, people plan to cut down on spending the most on food purchases (78%). Seven out of ten Czechs intend to limit their visits to pubs and restaurants, and 66.3% plan to cut back on leisure, sports activities, and holidays.

Over the past two years, people have most frequently saved on grocery shopping, toiletries, wardrobe updates, and pub visits. “The top savers are people aged 27 to 35, who cinched their belts the most in the mentioned areas,” the survey’s authors state. For instance, 83.2% of respondents in this age category saved on clothing and shoe purchases, 10 percentage points more than the nationwide average.

In contrast, the youngest respondents aged 18 to 26 cut back the least. Although they were most successful in curbing clothing and shoe purchases, they still reduced these items by 16 percentage points less than the 27-35 age category. In regional comparison, people in the Zlín Region saved the most on food and clothing, with most of them saving on food. People in Prague made the fewest savings on these items. People in the Karlovy Vary Region most frequently denied themselves visits to catering facilities, with three-quarters of people indicating this restriction.

While Czechs increasingly look to save, a significant portion still lags in savings. More than 27% of people said they put aside nothing from their income. Almost half of those who set aside a portion of their income manage to save less than a quarter. Slightly more, i.e., a quarter is set aside by 17% of people.

“Regularly setting aside money, especially for socially weaker groups, can act more as another insurmountable financial challenge in economically unstable times,” says Javůrek. In a generational comparison, people in the 45-53 age group are doing the best in savings, as almost three-quarters of them regularly set aside some of their income. The last savings are made by people up to 35 years old. More than half of this age group set aside nothing.

Regarding the comparison between men and women, men win in savings. More than 76% of them regularly set aside at least some part of their salary, compared to 66% of women.