World Savings Day, citizens can barely make their ends meet!

World Savings Day, citizens can barely make their ends meet!

IBNA Special report

Pristina, October 31, 2014/Independent Balkan News Agency

By Elton Tota

Today is the World Savings Day. But, how much do salaries and standards of Kosovo allow saving?

Perhaps, this can only be done by those who have high incomes or who have private businesses, but it’s impossible to save with a minimum salary of 300 Euros a month.

“We’re a family of five members. My wife doesn’t work and the rest of us work on minimum wage. The household incomes are around 700 Euros, but it’s impossible to save. The cost of living is very high. We must eat and pay the bills and nothing is left to save”, says Xhemail M from Pristina.

Meanwhile, Hanife Beqiri says that in her family, the husband is the only one who works and he gets paid 300 Euros a month.

“With 300 Euros a month, it’s impossible to save. With these incomes, we can barely pay for the basics. Living costs are high in Pristina. Just to have a coffee with friends costs 5 Euros, let alone other things”, says Hanife.

Nevertheless, what’s strange is that the citizens of Kosovo, who are said to have the lowest salaries in the region, have high deposits in banks.

Based on official statistics, the value of savings or deposits in the nine commercial banks amount to 2 billion and 441 million Euros at the end of 2013.

Compared to the previous year, deposits have increased by 7.6%.

In Kosovo, workers are paid on average 300 to 400 Euros a month, but there are also people with higher incomes.

World Savings Day is celebrated in memory of the first international congress of savings held in 1924 in Milan.

Participants in the congress agreed that saving was necessary for the development of society.

This decision was approved by 350 delegates from 27 countries, who represented around 100 million customers who had savings. This day is not yet celebrated in Kosovo. /ibna/