Money, banknotes, Czech currency, koruna, savings – illustration photo.
Prague – Czechs under the age of 30 use bank loans rather than loans from non-bank institutions. They are also able to pay for their own housing in the form of mortgages and rents. At the same time, they have relatively frequent spending on bets and gambling. That's according to Patron GO's analysis of spending by users of its financial app over the past year.
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People between the ages of 18 and 30 paid an average of 4,132 crowns per month for bank loan repayments, and 3,214 crowns per month for loans from non-bank institutions. “Although young Czechs borrow more money from banks than from non-bank companies, the ratio could be significantly lower. They pay significantly more in interest on non-bank loans and can get them into trouble,” said Director of Patron GO Lukáš Vršecký.
Average monthly expenses for mortgages were 10,743 crowns, for rent 8,022 crowns. “The young generation spends more money on a mortgage than on rent, that's good news. It proves that a large part of young people have what it takes to pay off their own housing,” said Vršecký.
The analysis showed that most young people Czechs have established pension and life insurance. At the same time, last year, people under the age of 30 placed an average of 85 bets per year and paid for gambling in 58 cases. The average monthly spending on bets was 2,443 crowns, on gambling 1,243 crowns.
“We draw our attention to the fact that some banks may refuse mortgages to people who regularly bet or pay for gambling games. Therefore, they should monitor how often and how high amounts they withdraw, or find out in advance if this does not mean a problem for their bank,” said Patron GO founder Jiří Paták.
The analysis is based on data from 3,000 users of the Patron GO application aged 18 up to 30 years. The application works on the principle of a passive overview of the bank account and helps users save for common expenses. It is used by approximately 140,000 people and is available in the Czech Republic and Slovakia. It plans to enter the Polish market this year.
