Household Savings in The Republic of North Macedonia - Seven Years Later

Keti NikoloskaSnezhana Mojsoska

Abstract

It has been scientifically proven that the process of financial market development involves strengthening of the financial system preceded by simple capital accumulation which in turn is closely related to the savings rate. The higher the level of financial development, the greater the financial intermediation and the economic growth. Financial development reduces inequality and poverty by super-proportionately accelerating the growth of emerging countries and implying a reduction of inequality in the world. This paper expands the time frame of the analysis in the research conducted in 2012 of a statistical sample of 1250 respondents. Based on new data seven years later and using the previously defined variables on the same size of the statistical sample, this study aims not only to confirm the basic thesis that in the Republic of North Macedonia savings (as the main source of financing domestic banks) are still at a low level, and that the examined variables which are directly proportional to savings generally have a downward trend but it also aims to emphasize the strong impact on (mis)trust in financial institutions, related to savings. Hence, this paper will note proposed measures to increase the level of savings.

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