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Study: Czechs see a record in wealth increase

Almost a third of Czech households saw their financial wealth increase last year, a study revealed. This is the largest wealth increase since the study began to be conducted more than twenty years ago.

Published: April 17, 2019, 9:07 am

    Prague

    The market researcher GfK held a media briefing to make the announcement. Moreover, Czech households expect their income to continue growing in 2019.

    The national average salary in the Czech Republic has been continually increasing since 2014. Last year alone, it grew by 8,1 percent to CZK 31 885 per month, according to stats from the Czech Statistics Agency.

    Low unemployment and a buoyant economy have had a positive impact on the wealth of many Czech households. Public servants saw an increase in their salaries, according to analysts interviewed by the Czech News Agency, contributing to the increase.

    GfK has been conducting regular research into the purchasing power of Czech households for the European Commission since the mid-1990s. It announced at the briefing that almost one third of Czechs saw an improvement in their financial situation in 2018.

    Conducted in February, the GfK study also noted that 13 percent of households saw a decrease in their financial wealth, the lowest number since the company started researching the data.

    Despite the positive news, some 35 percent of those surveyed did not have high expectations about Czech economic growth this year, a 20 percent increase in scepticism compared to last year. At least two-thirds of households also believe they would able to save money in 2019.

    A survey conducted by the polling agency STEM/MARK for ING, showed that Czechs were spending less on alcohol, sweets and hobbies. More than half of those surveyed also believed that it was the right time to buy furniture or white-goods.

    Great disparities in wealth still exist between the capital Prague and the regions, where the average wage is lower.

    A GfK study from the second-half of 2018 ranked the Czech Republic 23rd in terms of purchasing power among 42 countries in Europe. The Czech Republic is ranked third overall, behind Slovenia and Estonia among the former Eastern Bloc countries.

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