We could do better on loan if we were more careful
Good Finance’s newly published analysis published interesting and, in many cases, surprising data on Hungarians’ financial habits. Here are some interesting points.
We repay on average 42 months
The Good Finance Scale Index also rose at the beginning of this year in terms of borrowing, consumption and savings. The confidence of Hungarians in financial service providers has continued to improve, and the borrowing and saving mood has been unprecedented .
Lending was driven last year by lower APR levels (around 5.5% to 5.7%) and bank loosening, as well as increased demand for loans.
The fact that many people are now using online comparators
56.6% of Hungarians make no reserves at all. Those who save, on the other hand, opt for a longer term loan than before, with an average savings period of 42 months.
When applying for a mortgage, three out of ten ask for a quote from only one bank , so they don’t compare products. The picture is shadowed by the fact that many people are now using online comparators, where they choose the loan or loan that suits them and then ask for a quote at a bank that favors them.
More than half of the people do not look at the conditions
Otherwise, 37 percent of customers do not review terms and conditions , and many may face unexpected obstacles later on.
We are the most aware of mortgage loans, with 63 percent knowingly choosing these products. In contrast to other types of loans, more than half of Hungarians do not even look at costs. The borrowing and saving mood has been unprecedented.
The Hungarian population is a productive saver, that is, they put it down with just one kind of product. Confidence in government securities is high: compared to 2008, the proportion of government securities among savings forms almost doubled.