Vladimír Urbánek (Kurzy.cz)
Markets  |  April 19, 2013 14:56:24

Czech households and shares

How to invest Czech household? Changing their behavior over time? How are we doing compared to other countries? Conservative is probably the most appropriate adjective for household decisions about the form of savings. Almost nothing changed on either the financial crisis. Its influence can be seen only by reducing household wealth in investment funds.

The structure of household financial assets in the long term remains virtually unchanged, and more than half of financial assets still account for cash. The only thing that changed in recent years is to invest in bonds.The proportion of debt to financial assets of households has increased from almost zero to 3.4 percent, mainly due to offer savings bonds, with which the Ministry of Finance came in 2011. The following chart provides a comparison of two structures of household financial assets in 2004 and 2012.

Fig. 1: Structure of households' financial assets

Source: CSO

If we focus in more detail on shares traded on the stock exchanges, we find that the gradually increasing their presence in household investment. In official statistics sheet households listed shares came first in 1999. Czech households had held shares for 17.6 billion crowns. At the end of last year had shares in Czech households invested 64.5 billion crowns. The proportion of shares in total financial assets (Figure 2) to the financial crisis gradually rising ever since, however fluctuates around 1.5 percent.

Fig. 2: Evolution of the shares of the financial assets of households

Source: CSO

In the European context, the Czech household investment in shares significantly below average. In the countries of the euro area average shares involved in financial investment by households 3.6 percent. Record holder in this respect in Europe Finns holding shares in more than one tenth of their savings. The next chart shows that a lower proportion of shares are only four EU countries.

Fig. 3: Comparison of the shares of the financial assets of households in the EU

Source: Eurostat

The development of the PSE shrinking liquidity issues and the growing number of gloomy stories too does not record the fact that the proportion of shares to finance households increased. Perhaps only that the Czechs look around the world. But I can not expect doctors, teachers, architects will be the evening to read financial statements of Intel, EDF or Volkswagen.

David Marek, Patria Finance

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