site.btaPolls Show Increase in Bulgarians' Savings, Interest in Investment Gold

A quarter of Bulgarian citizens save money, and there has been a significant increase in this percentage in just one year. One of the main reasons for this increase is the desire for security and concern about the future, according to Stoyan Panchev, an economist from the Expert Club for Economics and Politics. Panchev was speaking during a presentation of a survey on Bulgarians' attitudes and behavior toward savings. The poll is the second part of last year's report, "How Bulgarians Save," and includes current data and comparisons with trends from the previous year.

Max Baklayan, investment expert and CEO of Tavex Bulgaria, and Dimitra Voeva, head of the research department at the Trend polling agency, also participated in the presentation at the BTA National Press Club in Sofia. 

Panchev pointed out that the number of people who save money increased by over 170,000 in one year. Security is the leading goal of saving, cited by 64% of those surveyed. This is followed by "rainy day funds" (49%), holidays and travel (45%), and healthcare (33%). Nine per cent of Bulgarians save for investments, a group that has increased by 3% since last year. The percentage of people considering investing in real estate as a reliable hedge against inflation has declined by 4%. Meanwhile, the number of Bulgarians investing in gold has increased by 30%.

Baklayan commented that people should save at least 30% of their income. He noted that Bulgarians still mainly save in bank deposits, though there has been an increase in funds invested in housing, rising from 18 to 22%. There has also been a significant increase in gold investments - around 140,000 people have purchased investment gold, making it a more popular asset than foreign currency. Baklayan pointed out that interest in buying real estate is waning, and he expects prices to fall. He added that 48% of the population feels more informed when making investments. However, he believes the actual percentage of uninformed people is higher. The study indicates that approximately 14% of people admit to having suffered financial losses due to lack of information, an amount estimated at around BGN 150 million.

Voeva presented the demographic characteristics of saving behavior. People between the ages of 40 and 60 are the most active savers, while young people aged 18–20 are the least represented. She said education also impacts saving behavior, noting that people with higher levels of education save more often than those with lower levels.