Since 1989, the net income of Czech citizens, including children and pensioners, has increased more than 600-fold. The price of goods has also increased many times over. Prices of commodities have also increased many times, but the purchasing power of Czech citizens has increased by two-thirds over the past 30 years.

In 1989, Czech citizens spent more than one-third of their income on food; today it is about 24%. The increase in income can be attributed not only to the transformation of the economy, but also to the improvement in the level of education of the population: in 1989, one-third of the population had primary or lower education; in 2018, only 11%

Another advance in the Czech national mindset has been the introduction of bank loans and in the area of financing purchases, has brought the country much closer to Western countries. People have learned that bank loans are not necessarily a threat to household finances and, if properly chosen, can fundamentally contribute to improving living standards.

With the greater availability of Western products, household savings have also declined: the savings-to-income ratio in the 1990s was 13%, while last year the Czech savings rate was just under 11%, which is the average for the entire EU in 2018. Compared to Bulgaria, where the savings-to-income ratio fell by about 40 percentage points, and Poland, where savings fell by about 15 percentage points, the Czech Republic is still faring well. Compared to the former communist bloc countries, the Czech Republic\’s savings rate ranks fourth. Only Slovenia, Hungary, and Estonia are ahead.

According to surveys, less than half of Czechs are not satisfied with their savings. The average savings amount is less than SEK 3,000. Czechs save money mainly in additional pensions, life insurance, and savings accounts. About 75% of Czechs agree that building savings is important for a happy life. Czechs can still save, but household debt is increasing. The main reason for the increase is housing costs.