CEE: Financial assets of households in 2025

Erste Bank Research Team Erste Bank

On the radar

Hungarian central bank kept policy rate unchanged at 5.5%.
Industrial output grew by 4.6% y/y in Poland. Wages increased by 5.9% y/y while producer prices grew dynamically by 6.1% y/y in September.
Today, Slovenia will release producer prices growth in September.
Croatia will publish unemployment rate in September and real wage growth in August.

Economic developments

Currency and deposits remain the dominant form of household financial wealth in most CEE economies, accounting for around 40–50% of total financial assets in Poland, Slovenia and Slovakia, compared with just 30% in the EU27. Poland stands out with the highest share of deposits (49%), followed by Slovakia and Slovenia (around 44–45%). In contrast, Hungary has the lowest share of deposits in the region (22%), well below the EU average, reflecting a more diversified composition of household financial assets, including a particularly high share of debt securities (13%). The Hungarian government has encouraged households to invest in government bonds, for example, by offering attractive interest rates. Czechia also differs from the regional pattern, with deposits accounting for approximately 39% of financial assets. Equity and investment fund holdings represent another important component of household financial wealth. In Czechia and Hungary, equity and investment fund shares together account for roughly half of household financial assets, compared with around 39% in the EU27. However, this category includes unlisted equity and ownership stakes in private businesses, rather than only listed shares and mutual funds. Overall, households in several CEE countries remain more dependent on traditional bank savings than their EU counterparts.

Market movements

The Hungarian central bank kept its policy rate unchanged at 5.5%. Although Hungary currently has one of the lowest inflation rates in the EU, the inflation outlook points to a significant upward revision. Given the lower inflation target, any adjustment to the policy rate remains unjustified for now. Further monetary easing would require a decline in energy prices, accompanied by a corresponding drop in bond yields in developed markets, as well as successful fiscal consolidation. We currently anticipate that the central bank will not take its next step until the second quarter of 2027. In Romania, Prime Minister-designate Niculescu won a parliamentary confidence vote for his PSD-majority cabinet with 280 votes, ending five and a half months of interim rule following the collapse of the Bolojan government on 5 May. Moody's stated that the formation of the new cabinet makes the near-term passage of the 2027 budget more likely. Alexandru Nazare's retention as Finance Minister should ensure fiscal policy continuity, although medium-term political risks remain. CEE currencies traded within a narrow range, with EURHUF edging slightly higher to 363. On the bond market, long-term yields increased marginally on Tuesday.

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Erste Bank Research Team

Erste Bank

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