Brno - People in the Czech Republic believe that the financial crisis is not going to have a major impact on their lives but they expect the crisis will last for some time.

These are the findings of a survey conducted by STEM/MARK agency in November.

The research indicates that a majority of the respondents are "moderate optimists".

"People believe that the financial crisis is not to affect their lives much. In economic terms, 66 percent of the respondents expect that their household will be in the same situation in 2009 like this year, or they will do even a little better," says the agency.

About 22 percent of the respondents appear to be concerned with the unfolding financial crisis and its possible major impact upon their households.

Ready to spend less

Most of those surveyed are ready to accept the fact they will have to cut their household spending next year.

About 84 percent are ready to save in the energy field and 79 percent are likely not to take holidays abroad, while 64 percent would postpone renovation of their flats or houses if needed.

The last sector in which the respondents are willing to save money the least are groceries. Only 40 percent said they would be willing to buy cheaper food.

Over 80 percent of Czechs expect higher prices and inflation but in their view major banks and companies will endure the financial turmoil.

Pressure of EU

The government should lower budget expenditure in these rough economic times, is the recommendation of 86 percent of Czechs. 

Around 46 percent of the respondents consider the recent Chamber of Deputies' approval to guarantee individuals' bank account savings up to EUR 50,000 as a step taken under pressure of the European Union.