In Retirement, Czechs Plan to Spend Money on Home Renovations and Travel Despite Economic Disparities

Economic disparities are widening among Czechs, with some investing in home improvement or travel while others will have to deal with their obligations, which they may even borrow for.

What do Czechs plan to spend over 10,000 crowns on?

As spring approaches, Czechs’ desire to invest in housing is growing. In a survey by Ipsos for Air Bank, two-fifths of people mentioned that they plan to use more considerable expenses (precisely over 10,000 crowns) in the upcoming period for buying and renovating their property or equipping their garden, or even purchasing photovoltaics.

The promise of warmer weather is also tempting for traveling and taking vacations, which about one-third of Czechs plan to spend more on. One-fifth will finance a car or motorcycle purchase or repair after winter, and just under a one-fifth plan to purchase electronics.

On the other hand, every sixth Czech will have to deal with their existing obligations, including loan payments or energy arrears, for example.

Just under one-tenth (8%) of those surveyed plan to spend significantly on their personal development, education, retraining, or studying abroad.

Survey: Two-thirds of Czechs believe their situation will improve within a year

Residents of smaller municipalities plan to renovate their homes in the spring, while respondents from the capital city plan to travel most frequently, particularly those aged 25 to 34.

They will mainly use their savings “80% of those surveyed plan to cover larger expenses from their resources, which is nearly 6% more people than in our similar survey last fall. This is related to the current economic situation, where people try not to get into more debt than they consider necessary,” added Veronika Benešová from Air Bank.

Those who do not have sufficient reserves will use one of the forms of loans, such as loans from family, consumer loans, or installment purchases directly from sellers.