the savings behavior in ukraine 2011

THE SAVINGS BEHAVIOR

IN UKRAINE

August 2011

a representative survey among

the urban population 15+

Survey design

Research aim

The present report documents the results of the 2011 Savings Research in the

Ukraine, investigating people’s behavior, attitudes, motives and worries in regard to saving.

Comparable researches were conducted in Austria, the Czech Republic, Slovak Republic, and

Hungary.

Method/ Sample • telephone interviews, in the urban Ukraine (100.000+ inhabitants), in other countries nationwide

• representative for the bankable population, aged 15+ years

Sample size In UA in total, n=500 interviews were conducted.

(in AT n = 900, CZ n = 501, SK n = 505, HU n = 500)

TimingInterviewing took place in August 2011.

Trend figures show developments compared to the previous surveys in summer 2010 and 2009.

Contact

Research Director

Ansgar Löhner

Tel: 0043/ 732 77 22 55 - 208

mob.: 0043/ 676 9164650

[email protected]

Project Executive

Astrid Heinrich

Tel: 0043/ 732 77 22 55 - 217

[email protected]

The importance of saving

Question 1: "First in general, how important do you personally assess 'putting money away'? Would you say, 'putting money away' is for you –"

%

Average 2,0 2,0 2,2

General population 15+ in urban Ukraine

2010 20092011

Putting money away is -

25

24

43

35

Very important - 1

Rather important - 2

Only somewhat

important - 3

Of minor importance - 4

Not important at all - 5

31

22

39

62

35

20

33

8

5

The importance of saving


+ / - Diff. to 2010 %

(n=500) (n=225) (n=275) (n=140) (n=175) (n=185)

Average 2,0 2,1 1,9 2,2 1,9 2,0


30 - 49

years

50+

yearsMen Women

15 - 29

yearsTotal

29

24

37

3

7

25

24

43

35


Very important - 1


Only somewhat

important - 3

Of minor importance - 4

Not important at all - 5

+4

-6

-3

+2

+3

0,0

22

25

48

33

24

29

37

54

26

22

46

23

24

22

44

36

The importance of saving – country overview


+ / - Diff. to 2010 %

(n=900) (n=501) (n=505) (n=500) (n=500)

Average 1,9 2,4 2,4 1,7 2,0

UkraineCzech

Republic

General population 15+ in -

Slovak

RepublicHungaryAustria

43

25

24

3

5

58

25

11

52

21

45

14

11

10

28

33

19

9

11


39

36

18

51

Very important - 1


Only somewhat important - 3

Of minor importance - 4Not important at all - 5

-2

+1

+1

+1-2

-1

-6

+1

+2

+6

+0,2

+4

-6

-3

+2

+3

0,00,0

Usage of savings products

Question 4: "What about you, which of the following savings-products do you personally use? Do you personally have a -"

%

Card account

Savings account, -deposit

Current account, on-demand account

Government endorsed pension insurance

Life insurance

Individual safe

Securities, investment fund*)

Save in cash, at home or in a safe box*)

None of this, do not save

*) different wording compared to 2009


2010 20092011

Savings products are personally used:

32

15

8

3

3

0

0

50

23

26

20

13

3

2

1

0

47

23

22

16

12

8

2

1

0

38

30

Current monthly savings amount

Question 5: "And how much money do you currently put away? If you do not have a monthly savings plan, please convert it to monthly. Would you say you

currently save per month -"

%

0 UAH / nothing

Up to 550 UAH

551 to 1.100 UAH

More than 1.100 UAH

Average amount 460 UAH 508 UAH 592 UAH

Savers in urban Ukraine

2010 20092011

Currently put away per month:

10

67

17

6

9

61

20

9

9

60

21

11

Current monthly savings amount



+ / - Diff. to 2010

%

(n=167) (n=216) (n=105) (n=143) (n=135)

0 UAH / nothing +1

Up to 550 UAH +6

551 to 1.100 UAH -3

More than 1.100 UAH -3

Average amount 460 UAH-48

UAH588 UAH 360 UAH 388 UAH 521 UAH 450 UAH


(n=383)

30 - 49

years

50+

yearsMen Women

15 - 29

yearsTotal

10

67

17

6

9

62

19

10

11

71

15

2

9

73

16

2

8

64

20

8

13

66

15

6

Currently put away per month:

Current monthly savings amount – country overview



%

0 EUR / nothing

Up to 20 EUR

21 to 40 EUR

41 to 60 EUR

61 to 100 EUR

101 to 200 EUR

More than 200 EUR

Average amount 89 EUR

Savers in Slovak Rep.

(n=492)

13

11

15

14

21

12

14

Base: Savers

+ / - Diff. to 2010

0 Euro / nothing -1

Up to 50 Euro +1

51 to 100 Euro +1

101 to 200 Euro -2

201 to 500 Euro 0

More than 500 Euro 0

Average amount 168 € + 3 €

Savers in Austria

(n=885)

5

19

24

28

18

5

0 CZK / nothing +4

Up to 500 CZK +6

501 to 750 CZK +1

751 to 1.000 CZK +2

1.001 to 2.500 CZK -4

2.501 to 5.000 CZK -5

More than 5.000 CZK -4

Average amount 2.163 CZK - 496 CZK

Savers in Czech Rep.

(n=449)

5

17

5

18

27

17

11

0 HUF / nothing

Up to 10.000 HUF

10.001 to 20.000 HUF

20.001 to 30.000 HUF

More than 30.000 HUF

Average amount 14.705 HUF

Savers in Hungary

(n=399)

8

49

24

9

11

0 UAH / nothing +1

Up to 550 UAH +6

551 to 1.100 UAH -3

More than 1.100 -3

Average amount 460 UAH - 48 UAH

Savers in Ukraine

(n=383)

10

67

17

6

*) = 86 €

*) = 50 €

*) = 42 €*) Exchangerate: 18.10.2011

Satisfaction with current savings amount

Question 6: "Are you satisfied with the amount you currently are able to save or not? Would you say you are –"

%

Average 3,9 3,8 4,1


2010 20092011

With current savings amount -

8

23

2

30

38

11

23

1

31

33

5

22

2

28

44

Very satisfied - 1

Rather satisfied - 2

So so - 3

Less satisfied - 4

Not at all satisfied - 5



+ / - Diff. to 2010

%

(n=383) (n=167) (n=216) (n=105) (n=143) (n=135)

Average 3,9 3,8 4,1 3,9 4,0 3,9


Total30 - 49

years

50+

yearsMen Women

15 - 29

years

10

25

2

32

31

8

23

2

30

38

Very satisfied - 1


So so - 3

Less satisfied - 4


+1

0

+5

-1

-3

+0,1


6

21

1

28

43

6

24

2

38

30

8

23

1

29

38

9

21

3

24

43



+ / - Diff. to 2010 %

Slovak

Republic

(n=885) (n=449) (n=492) (n=399) (n=383)

Average 2,6 2,9 3,4 3,8 3,9

Savers -

AustriaCzech

RepublicUkraineHungary

22

24

8

15

30

27

39

9

14

11

8

23

2

30

38


30

27

21

18

4

Very satisfied - 1


So so - 3

Less satisfied - 4


-2

-4

+3

+5

-1

-3

+1

+7

+1

-6

+0,3+0,2

+1

0

+5

-1

-3

+0,1

13

21

5

15

47

Motivations for saving

Question 7: "All in all, what is your motivation to save money? I will now read to you various possible motivations to put money away. Please always tell me if

this is personally for you a motivation to save money as well."

%

Saveguarding:

Financial back up, for emergencies

As an old age pension provision,

in order to stop working earlier, as nursing care insurance

Purchases:

For smaller and larger acquisitions, renovations

So that I can afford something later on

For vacation trip

For own or children's education *)

Without a special reason

*) no asked in 2009


2010 20092011

Personal motivations for saving -

64

19

49

28

27

21

6

70

13

45

24

24

14

2

63

11

45

29

20

5

Planned saving in the next 5 years

Question 8: "What do you think: compared to today, will you be saving in the next five years rather more, rather less or equally as much money?"


2010 20092011

rather more

33%

about equally as

much

45%

rather less

22%

Will save in the next 5 years -

33%

45%

22%

38%

46%

16%

Reasons for cutting back savings in next 5 years

Question 8: "What do you think: compared to today, will you be saving in the next five years rather more, rather less or equally as much money?"

Question 8a: "And why will you assumedly put less money away in five years?"

Savers in urban Ukraine %

(n=383)

People expecting to save less in the next 5 years compared to today

People expecting savings cut backs

(22%=100%, n=85)

Reasons for saving less in the next 5 years:

Inflation, everything more expensive

Lower income from pension

Will spend more

Increasing living-costs

Risk of losing job

Less earnings

Unstable situation in the country

Others

No answer

22

43

19

14

14

8

8

6

8

2

Worries about saving

Question 9: "We have learned that there are many worries and anxieties in regard to saving money. I will now read several of such issues to you, please

always tell me if you also share these concerns."

%

Currency devaluation/ buying-power is

decreasing/ high inflation

Fear that I will not save enough for the future

Bank goes bankrupt

I soon can not afford to put money away

anymore

Saving money pays off less and less

Funds lose in value, sagging markets


2010 20092011

75

38

32

25

21

14

Worries about saving:

83

37

37

15

19

13

76

29

31

21

17

10

Reasons against saving money

Question 4: "What about you, which of the following savings-products do you personally use? Do you personally have a -"

Question 10: "Why do you not put money away at the moment? I will now read several possible reasons for this. Please always tell me, if this applies to you."

General population 15+ in urban Ukraine %

(n=500)

People not saving money

Non-savers

(23%=100%, n=117)

Reasons against saving money:

Financially not possible at the moment

Rather spend my money

I invest into my own business

Invest my money elsewhere, more profitably

Have not spent thoughts about saving yet

23

69

20

10

3

1

People’s attitudes towards investments

Question 14: "Coming to the end, one last question in regard to 'financial investments', meaning bonds, stocks, fund etc..

What is your general opinion in regard to invest your money into bonds, stocks, fund etc? Would you say –"

%

Average 3,3 3,1 3,5


2010 20092011

16

48

3

18

15

Very positive - 1

Rather positive - 2

Neutral - 3

Rather negative - 4

Very negative - 5

Opinion on investing in

bonds, stocks, funds, etc.

19

49

4

18

11

11

45

1

23

20

People’s attitudes towards investment – country overview

Question 14: "Coming to the end, one last question in regard to 'financial investments', meaning bonds, stocks, fund etc..

What is your general opinion in regard to invest your money into bonds, stocks, fund etc? Would you say –"

+ / - Diff. to 2010

%

(n=900) (n=501) (n=505) (n=500) (n=500)

Average 3,4 3,2 3,4 3,1 3,3

General population 15+ in -

AustriaCzech

RepublicUkraine

Slovak

RepublicHungary

12

51

3

17

18

13

56

4

15

12

16

48

3

18

15

16

37

3

28

16

Opinion on investing in

bonds, stocks, funds, etc.

Very positive - 1

Rather positive - 2

Neutral - 3

Rather negative - 4

Very negative - 5

-1

-7

+3

0

+5

+0,2

-1

-3

-1

0

+4

+0,2

-2

0

+4

+2

-4

0,0

12

64

2

16

6

Prompted awareness of

ethically sustainable investments

Question 15: "Concretely now, focusing on ethically sustainable financial investments, meaning such investments where economic, social and ethical criteria are decisive in choosing them. Actually, you invest with bonds, stocks and funds only in such enterprises which operate economically with responsibility towards society and environment. Have you ever heard or read about such special investments?"

General population 15+ %

Austria (n=900)

Slovak Republic (n=505)

Czech Republic (n=501)

Ukraine (n=500)

Hungary (n=500)

New question, no trends to 2010

51

46

32

22

21

Appeal of ethically sustainable investments

Question 16: "Assuming that you would think about a financial investment. How much more interesting or uninteresting would such an ethically sustainable

investment be for you compared to other financial investments? Would you say –"

%

(n=900) (n=501) (n=505) (n=500) (n=500)


Austria

General population 15+

UkraineCzech

Republic

Slovak

RepublicHungary

23

24

13

21

18

Ethically sustainable

investments are -

compared to others -

Much more interesting

Somewhat more interesting

Equally interesting

Somewhat less interesting

A lot less interesting

15

35

5

23

23

15

26

7

19

34

23

42

11

15

10

20

43

6

14

17

Acceptance of lower profits from ethically sustainable

investments

Question 18: "Would you accept a somewhat lower amount of profit in relation to ethically sustainable investments if you get the certainty that the enterprise

acts socially and environmentally responsible?"

Accept lower profit in favour of social

and environmental responsibility


Austria (n=900)


Hungary (n=500)

Ukraine (n=500)


70

66

59

55

35

Ownership of ethically sustainable investments

Question 19: "And do you have such an investment qualified as an ethically sustainable one?"

Have qualified ethically sustainable %

investments



Austria (n=900)

Hungary (n=500)

Ukraine (n=500)


5

4

3

3

3

the savings behavior in ukraine 2011

Economy & Finance

monthly savings plan

current savings amountquestion

savings behavior

savings research

following savingsproducts

importance of savingquestion

representative survey

urban population