Czechs worried about impact of austerity package on their finances

Over 80 percent of Czechs are worried about the impact of the government’s austerity package on their family budget, according to an August survey conducted by Generali Investments.  Three quarters of respondents are most afraid of the VAT increase on some products. Two thirds of Czechs are saving on energy and 60 percent of respondents are also saving on food. More than half of Czechs have cut back on eating out over the past year and a third of respondents are economizing on their hobbies. Due to the relatively high inflation, 67 percent of Czechs fear for their savings.