Along with health, finances are one of the biggest stress factors and also the cause that deprives people of sleep. This mainly concerns the high cost of living, but also insufficient income. The amount of savings also plays a role, while only about a third of the population has the optimal financial “cushion” of at least 6 months’ salary. At the same time, up to a third of people reach for savings, which are supposed to be used exclusively for worse times, regularly on a weekly or monthly basis. A term deposit can be, for example, a suitable form of how to safely save and capitalize on the financial reserve so that we do not withdraw from it. 365.bank points out that due to the expected rate cut by the European Central Bank, now is the ideal time to commit your funds.
It goes without saying that quality sleep is important. According to a survey by 365.bank(1)however, almost a quarter of Slovaks claim that they usually do not sleep well. Wrinkles on the foreheads of people in Slovakia are caused by health (38%), but also financial problems, which more than a quarter of the adult population admits. A fifth are struggling with relationship problems, and the poor economic situation creates concerns for around a tenth of the population.
What is interesting is that while complications in the relationship were mentioned by more women as a reason for poorer sleep, a bad economic situation, or a war and an uncertain situation in the world were mentioned more by men.
The high cost of living is a bigger scare than a mortgage
When asked what most often causes stress and anxiety for Slovaks in connection with finances, more than half say that it is the cost of living. In the ranking they are overtaken by insufficient income (41%), followed by lack of savings (20%) and mortgage (14%). The 365.bank survey also showed that up to 41% of respondents who said they do not sleep well have no financial reserves. In total, up to two thirds of the population do not have the financial “cushion” of the recommended amount of at least six monthly salaries.
„One of the reasons may be the fact that people regularly use funds that should only be used for unexpected expenses or events, such as job loss or PN. This need may be related to high costs of living and consumption, such as rising prices of food, energy, medicine, etc.,” explains Linda Gáliková, head of PR at 365.bank.
A term deposit will help you not to reach for savings
The 365.bank survey also showed that a third of people regularly access “iron” reserves on a weekly or monthly basis. The next quarter will do this every quarter. However, according to experts, it is better to optimize the amount of your consumption or monthly expenses rather than cutting into savings. Saving them in a deposit product with a commitment can help not reach for these funds.
„The current offer of time deposits is optimal for saving your financial reserve now, because by the end of the year we expect the European Central Bank to reduce rates, which will subsequently also be reflected in the lower attractiveness of deposit products. We recommend comparing the offers of several banks and choosing the one with the most favorable interest rate,” concludes Gáliková.
O 365.bank:
We are a bank for today’s people. We bring banking that is built on the principle of “mobile first” in digital. We are bringing a new, informal model of client service to the branches, based on a friendly relationship. We create products and services so that they are easy and pleasant to use for clients. More on www.365.bank.
(1) Data collection was carried out through the Instant Research application of the Ipsos agency from 12 January to 15 November 2024 on a sample of 1050 respondents.
Source: www.nextech.sk
