Loans have almost become the norm in today’s world. This is related to both our financial habits and a consuming lifestyle. Who and what do Poles usually borrow money from?
Poles’ finances – how do we manage money?
Do Poles Manage Their Finances Properly? According to research carried out by Provident Polska, planning of finances among our countrymen is different. 40% of respondents admit that they do not include future expenses in the home budget.
This applies above all to people before the age of 25 (60%) but also to older people (47%). In addition, you will notice one interesting relationship. As it turns out, the percentage of Poles planning expenses increases along with their wealth. Conscious control of expenses can therefore be a factor affecting the state of our property.
When do we decide on a loan?
Most often, we borrow money when unexpected expenses arise. Lack of financial plans means that more than half of us do not accumulate savings (they only do this 49% of Poles), which we could have in crisis situations. As a result, when this happens, we are forced to use financial assistance.
Another reason for the loan may simply be impatience. When it comes to buying a dream device, for example, we don’t want to wait. We prefer to make a purchase immediately, instead of waiting until we collect the right amount of money. Seasonal expenses are also an additional burden on the household budget. Holiday trips, Christmas, Easter – these are periods in which we usually spend more.
Loans for various needs
What do we use the borrowed money for? The answers are mainly dominated by unexpected expenses – 73%. More than half of the respondents declare taking a loan for the renovation and purchase of home appliances and electronics. We would also be able to finance special events such as weddings and communions from the money borrowed.
A loan, but from whom?
Who do we contact first to borrow money? As it turns out, the first choice of Poles are various financial institutions. There are many possibilities to get a loan, you can choose between small and large sums. 36% of respondents would choose a loan from a non-bank institution. However, it turns out that with financial problems we also often report to loved ones (34%). We borrow from both family and friends. 15% of respondents would use a bank loan. In this case, the least numerous group would reach for savings (13%).