Czechs depleting savings and selling property to make ends meet

More than half of Czech households have been dipping into their savings over the past year due to rising prices, according to a survey by STEM/MARK. Many people reported using their retirement savings, selling their country cottage or other assets to make ends meet. According to the survey results, a full third of respondents have significantly reduced their savings over the past year, although they still have some money left. However, 17.2 percent of respondents say they have used up all their savings. The vast majority, 88 percent, cited inflation as the main cause of their financial problems. Around 8 percent had to rely on their savings after loosing their job and 3 percent as a result of a pay cut.