Inflation has been reaching double-digit values for some time now, which understandably has a significant impact on the deposits of Czech households. Czechs, therefore, are more likely to choose to invest their money in gold, as well as real estate funds or even purchasing properties, rather than traditional savings products to protect themselves against inflation.
According to a survey by the Median agency for Golden Gate, three-fifths of Czechs, among the total of two thousand respondents, see the increasing prices as a significant problem and consider the devaluation of their savings equally concerning. One in four respondents, therefore, chose to invest in gold, which they believe can offer the most protection for their money.
Pavel Řihák from Golden Gate stated that “Interest in buying gold in the Czech Republic increases by tens of percent every year” and that the company has sold 14 tons of gold in the last decade.
The survey showed that the second most mentioned product for protection against inflation is a time deposit, which one-fifth of respondents (21 percent) would choose. A slightly smaller number of respondents would opt for real estate funds (19 percent) or the purchase of property (18 percent). Investing in stocks, bonds, and investment funds was chosen by 17 percent of respondents.
Traditional and popular products among Czechs ranked last on the list – only every ninth respondent would choose a savings account in a bank, pension insurance appealed to nine percent of people, and building savings ended with eight percent. Seven percent of people mentioned investing in cryptocurrencies.
Despite the challenges posed by inflation, Czechs are still interested in investing, with over two-fifths (44 percent) stating that they would support the same amount as the previous year and 27 percent of respondents being willing to invest even more.
Czechs actively seek information on how to invest wisely. They are considering other investment products, which are crucial for diversification. People like to gradually purchase gold in smaller amounts, which was mentioned by three out of ten respondents. For a quarter of respondents, investing in gold is simple, easy to understand, and has a low-risk factor.