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
Project Executive
Astrid Heinrich
Tel: 0043/ 732 77 22 55 - 217
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
Question 1: "First in general, how important do you personally assess 'putting money away'? Would you say, 'putting money away' is for you –"
+ / - 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
General population 15+ in urban Ukraine
30 - 49
years
50+
yearsMen Women
15 - 29
yearsTotal
29
24
37
3
7
25
24
43
35
Putting money away is -
Very important - 1
Rather important - 2
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
Question 1: "First in general, how important do you personally assess 'putting money away'? Would you say, 'putting money away' is for you –"
+ / - 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
Putting money away is -
39
36
18
51
Very important - 1
Rather important - 2
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
General population 15+ in urban Ukraine
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
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 -"
+ / - 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
Savers in urban Ukraine
(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
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 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
Savers in urban Ukraine
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
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 –"
+ / - 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
Savers in urban Ukraine
Total30 - 49
years
50+
yearsMen Women
15 - 29
years
10
25
2
32
31
8
23
2
30
38
Very satisfied - 1
Rather satisfied - 2
So so - 3
Less satisfied - 4
Not at all satisfied - 5
+1
0
+5
-1
-3
+0,1
With current savings amount -
6
21
1
28
43
6
24
2
38
30
8
23
1
29
38
9
21
3
24
43
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 –"
+ / - 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
With current savings amount -
30
27
21
18
4
Very satisfied - 1
Rather satisfied - 2
So so - 3
Less satisfied - 4
Not at all satisfied - 5
-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
Savers in urban Ukraine
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?"
Savers in urban Ukraine
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
Savers in urban Ukraine
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
General population 15+ in urban Ukraine
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)
New question, no trends to 2010
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
Slovak Republic (n=505)
Austria (n=900)
Czech Republic (n=501)
Hungary (n=500)
Ukraine (n=500)
New question, no trends to 2010
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
Slovak Republic (n=505)
Czech Republic (n=501)
Austria (n=900)
Hungary (n=500)
Ukraine (n=500)
New question, no trends to 2010
5
4
3
3
3
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