In a comprehensive survey conducted by the Trend Research Centre between December 1 and 7, 2023, shedding light on the financial dynamics of Bulgarians, an astonishing 84% of respondents acknowledged relying exclusively on income derived from employment and/or pension. The survey, commissioned by the Finance Academy and encompassing 1,008 participants aged 18 and over, provides valuable insights into the financial habits and attitudes prevailing in the country.
One striking revelation from the study is that an overwhelming 90% of those polled admit to not engaging in any form of investment, representing a substantial deviation from the European Union average, which stands at 24%. Equally noteworthy is the fact that 73% of respondents identify themselves as non-savers, while a mere 22% consider themselves prudent savers. Only 7% of participants expressed the belief that an increase in taxes would contribute to an improvement in their overall quality of life.
When it comes to personal standards of living, the survey found that 29% perceived their standard as rather low, while 52% deemed it average. Surprisingly, 4% of respondents considered their standard of living to be rather high. Delving into financial behaviors, the study revealed that 55% of participants did not utilize online banking services, while 44% abstained from it entirely. Intriguingly, 16% expressed a willingness to embrace electronic money as an alternative to cash transactions.
Looking toward the future, 39% of respondents anticipate that their lives will remain largely unchanged in the new year, while 32% harbor optimism, anticipating an improvement in their standard of living.
Finance Academy Executive Director Georgi Zahariev commented on the survey’s outcomes, emphasizing the imperative need for action to enhance financial literacy among Bulgarians. Zahariev underscored that achieving financial well-being transcended mere wage earning, highlighting the critical role of personal financial knowledge, skills and strategic asset management. (Novinite/Business World Magazine)
