Majority of Poles not Worried About Their Finances because of the War, Though still Saving Some

Almost 60% or the majority of Poles claim that they are not worried about their financial security as a result of the war in Ukraine, according to a study conducted by Opin24. This does not mean that in connection with the events beyond the eastern border, they do not decide to cut expenses.

What is Important to the Majority of Poles:

One of the consequences of the almost 8-week-long war in Ukraine is the uncertainty in the financial markets. So far, it has not translated into Poles’ concerns about their financial security. According to a study commissioned by Taves, 59% do not have such concerns. The vast majority, as much as 81% of the respondents made decisions regarding their finances. The survey shows that every fourth respondent (25%) decided to cut expenses.

– Lack of major concerns about the safety of savings may result from the fact that our knowledge about finances is growing and we have already made some changes in the way we manage money during the pandemic – comments Aleksander Pawlak, President of the Tavex Management Board.

– Unfortunately, we have to get used to the uncertain and unstable situation for some time and take even more care of our financial resources, because the economic forecasts for the coming years are not optimistic. Even though the responses of the respondents show relatively little anxiety, in the future, we can expect a change in consumer habits, including lowering the volume of consumption of higher-order goods and services, he adds.

The study shows that concerns about the safety of one’s finances increase with age. The youngest respondents from 18-24 (12%) and 24-34 (19%) express the smallest. The greatest concerns about financial security are found in the 45-54 (31%) and 55-64 (36%) age groups.

As mentioned, only 8% of Poles decided to invest their resources after the start of the war. The most common decisions were to buy real estate (25%). Every tenth respondent from this group purchased cryptocurrencies or shares on the stock exchange (11 and 9%, respectively). 6% of the respondents decided to change their currency, most often to the euro (60%).

71 % of the respondents fear that the price increase will be significantly higher due to the war in Ukraine than last year. Only 8% of respondents claim that the war in Ukraine will not impact inflation in our country.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our company formation in Poland, or contact us for a free consultation.