Attitudes towards saving in Polish society during transformation

Since 1999 the complex reform of the old-age pension system was introduced in Poland and the process of changes is still ongoing. The multi-pillar system replaced the pay-as-you-go system. Voluntary third pillar will guarantee higher pensions for those that decide to save more. However, the systemic changes were placed in the new market economy just being implemented in Poland. New economic reality involves serial of processes influencing management of the current budget. On one hand the principles of market economy impose rigorous environment for management of the disposal income while on the other the dynamically developing market of goods, services and modern banking systems create pressure to spend. The evolution of pension system naturally poses questions concerning how the savings and saving behaviour are perceived in the Polish society during economic transformation. The results of survey conducted in the end of 2004 show that the precaution and life cycle motives of saving are observable in the Polish society but restrain seems to be marginal. In addition, attitudes towards saving are varied by some demographic and socio-economic features. These findings confirm statements referring to relation between the growth in material and social standards and acceptance of consumption style of life [i.e. Katona: 1975, Psychological Economics (Elsevier, New York); Lunt and Livingston: 1992, Mass Consumption and Personal Identity (Open University Press, Buckingham)]. Poles with higher social-economic position are rejecting self-restraint shifting towards consumerism. Nevertheless, common opinion of the respondents advocated savings is in contrary with declared avoiding restraint what is in line with other authors describing attitudes towards saving in conflict [Webley and Nyhus: 2001, Everyday representation of the Economy (WUV Universitatsverlag, Wien)].