Albania, with the lowest percentage of the population in Europe that manages to save

2026-01-02 15:22:00, Ekonomi CNA

Albania, with the lowest percentage of the population in Europe that manages to

Only 14.8% of Albanians over 15 years old were able to save from their income in a bank or other financial institution, the lowest level in Europe after Moldova, according to the Findex global database from the World Bank, which corresponds to a survey conducted in 2024 in our country.

Albania has a very low level of population that manages to save both in relation to the Region and to Europe according to the map below, where darker colors indicate higher levels of savings while lighter colors indicate a lower use of savings.

In North Macedonia, 32.4% of the population over 15 years old managed to save last year, almost double that of Albania. In Serbia, over 26% of the population over 15 years old managed to save, in Bosnia 24% and in Kosovo around 16%.

Also, the ability of Albanians to save was much lower than in the EU where more than 55% managed to set aside money to spend later.

Albania ranks with most African and South Asian countries. Although there has been a significant improvement in financial awareness and increased access to banking services over the last decade, our country continues to have a high level of cash use and a significant presence of the informal sector.

More detailed data shows that the 40 percent of the population in the lower income bracket have lower capacities to save as only 4.3% of them managed to deposit savings in the bank. In the rest of the population in the 60 percent of the highest income group, the ability to save was 21.7%.

In the younger age groups, the ability to save is very low and also in rural areas they manage to save much less than in urban areas.

Most Albanian families face low incomes and salaries that are not in line with the cost of living. For most citizens, income is often not enough for food, rent, energy and daily needs, leaving almost nothing for savings.

Meanwhile, the prices of many products and services in the country have increased faster than incomes. Albania had higher food prices than the region and the EU in 2024, but meanwhile wages are much lower than in these countries.

Meanwhile, inflation in recent years has reduced purchasing power and has made it more difficult for even those who previously managed to save money. /Monitor

Albania, with the lowest percentage of the population in Europe that manages to