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Kazakhstanis need up to 10 million tenge to feel safe

More than half of Kazakhstanis under 35 will be left without means of existence if they lose their earnings. These figures are cited in the study by the IDF Eurasia group in Kazakhstan (brands MFO Solva and Moneyman), LS reports.
Kazakhstanis need up to 10 million tenge to feel safe

According to the survey, in the event of loss of income or livelihood, 63% of Kazakhstanis will be left without means of subsistence, as they do not have any savings to this date. This group includes people between the ages of 20 and 35.

37% of the respondents have real savings. However, out of 27% of participants aged 25-35, 7% of respondents have enough money for one month. 5% of participants in the 35-55 age group have enough funds for two months. And 11% of Kazakhstanis aged 50-65 will be able to live on the accumulated money for more than three months without financial difficulties.

According to the study, Kazakhstanis are planning to significantly increase the amount of their savings in the new coming year. 80% of respondents will be more responsible about the issue of savings in 2021. Half of participants does not rule out the possibility of saving about 20% of their income in 2021, 25% of Kazakhstanis are ready to send up to 45% of their monthly income to savings, and 5% of respondents want to leave intact more than 50% of total income.

The most popular purpose the respondents are saving money for is their own business startup, this category includes 62%. 38% of Kazakhstanis are prudently setting by money for force majeure or unforeseen events.

The most common reasons for saving also included:

Purchase of real estate (including down payment) - 28%

Car purchase - 22%

Repair - 19%

Extra education or additional professional training - 11%

Vacation - 9%

Children's education - 6%

Old age - 5%

Price of security

Also, Kazakhstanis note in the study how much they need to ensure their own financial security.

The respondents aged 20 to 25 believe that the financial cushion should be at least 5 million tenge. This amount can guarantee young Kazakhstanis a sense of security. The respondents from 25 to 45 years old need around 10 million tenge or more.

Smaller amounts were indicated by participants in the category from 45 to 55 years. 2 million tenge set by for unforeseen cases are enough for their financial stability.

The surveyed from 55 to 65 are even less afraid of the financial black hole. They believe that savings in the amount from 500 thousand tenge to 3 million tenge can ensure a secure future.

The study has also proved that the sum of financial stability significantly differs between participants from country and city dwellers. The most modest volume is in southern regions. People there only need 100 thousand tenge kept on a deposit.

Despite the difficulties of 2020, in the outgoing year, Kazakhstanis still managed to save up. Thus, 32% of respondents aged 30 to 35 set aside 10% of their total income. The surveyed aged 35 to 40 years were in the second place, 21% in this category were trying to save 15% of their income.

Kazakhstanis aged 20-25 had fewer opportunities. Only 9% of this age group was able to set aside less than 5% of the income. However, this age category respondents are planning to start saving no earlier than at the age of 30.

The fourth group of respondents (45-55 years old) could afford to allocate at least 20% of their total income for savings. However, there were only 7% of them. Of the oldest category, aged 55-65, 2% were able to save money by putting aside more than half of their income.

Along with this, 17% of the participants stated that they had no opportunity to save up. 12% of Kazakhstanis found themselves in an even more difficult situation; they had to borrow small sums to make ends meet.

Source: https://lsm.kz/sberezheniya-issledovanie

Photos are from open sources.

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