Nearly 40% of Bulgarians Unable to Save, Indebtedness Rising

According to recent data from the Trend Research Center, shared during the “Personal Finance” event by Money.bg, 38% of Bulgarians are unable to set aside any savings. Among those who do manage to save, only a small number allocate over 10% of their income, and just 1% save more than 30%. Interestingly, residents of smaller towns tend to save more than those in the capital, likely due to the lower cost of living outside Sofia.

Debt is also becoming a growing concern. About 23% of Bulgarians have consumer loans, 13% have borrowed money from family or friends, 7% have taken out fast loans, and 6% have home loans. At the same time, over half of the population – 52% – do not carry any debt.

The situation is particularly alarming among young people under 30, with 120,000 already referred to the enforcement agency due to unpaid debts. This group includes 4,000 individuals aged between 18 and 20, many of whom are still in school. Another 36,000 are aged 20–25, and a further 80,000 fall in the 25–30 age bracket.

Despite limited experience, many young people expect salaries typically earned only after years in the workforce. Starting pay in data processing roles in Bulgaria ranges between BGN 2,000 and 3,000, while experienced professionals can earn significantly more, with some reaching five-figure incomes in either leva or euros.

When asked about desired income, 26% of respondents said they would like a net salary between BGN 2,000 and 3,000, while 19% hoped for between BGN 3,000 and 4,000. These income expectations often outpace current employment realities, contributing to rising debt and low savings.

Nevertheless, experts emphasize that financial stability is possible with increased awareness and proactive management of personal finances.