A significant part of Hungarians could only last a month without pay – news from Debrecen, news from Debrecen | Debrecen and Hajdú-Bihar county news
A significant part of Hungarians could only last a month without pay
Although salaries have risen more than 15 times in recent years, the period that can be bridged without a salary has not increased. 30-59-year-olds would be able to bridge the gap for an average of 7 months, according to the K&H Safe Future survey. the last 35 percent of them could cover their expenses for a maximum of 1 month if they did not get paid, the financial institution said. It also turns out that 14 percent of them have enough reserves for 6 months. A quarter of those affected cannot or do not tend to put it aside, their proportion has increased, whereas previously this was only true for 18.4 percent of them.
Average wages in Hungary have risen significantly in recent years. In June of this year, for example, the average net salary without discount approached HUF 335,000, which means an annual increase of more than 15 percent. In previous years, between 2017 and 2021, average net wages rose to 9-1 and 3 on an annual basis. For years, K&H’s secure future survey has been measuring how long the 30-59-year-old age group would be able to bridge without pay, but this period has not increased significantly in parallel with wage increases. According to the results of the second quarter of this year’s Aatív research, the respondents have enough money saved for an average of 7 months, but looking at the past years, it can be seen that in 2017 it was 8 months, in 2018 it was 6 months, then in 2019, 2020- in and in 2021, it was 7 months.
Illustration (Pixabay.com)
Months vs Reserves
It can also be seen from the detailed results that 36 percent of the respondents could only cover their expenses for 1 month if they did not get paid. This ratio is essentially the same as in the last five years. According to this year’s research, 23 percent of those interviewed could live without their salary for 3 months, 14-14 percent for 6 months or 1 year, and 5 percent for more than 2 years.
The fact that the increase in salaries is not really visible in the development of the period in which it is possible to pay without a salary can partly be explained by the fact that in recent years many people spent the surplus on investments, such as home renovation, car purchases, and consumer durables. This is partially supported by the fact that, based on the small data, the volume of non-commercial food sales, which includes consumer durables, increased by 9-10% annually from 2017 to 2019, and is only 0.3 percent in 2020 due to the coronavirus epidemic. there were more data, and in 2021 the expansion was almost 5 percent.
Is it possible to save?
The research also provided answers to saving habits. In the second quarter of this year, a quarter of 30-59-year-olds can’t or don’t put it aside. This represents a significant increase compared to the previous year, when their share was 18.4 percent.
Only 33 percent of people save regularly and set aside a questionable amount already at the beginning of the month,
12 percent of them increase their reserve from the money left at the end of the month, while 15 percent of the respondents put it aside when they receive a larger amount.
According to K&H experts, in the current uncertain situation, rising inflation is the key issue. Those who have the opportunity should definitely look for different savings schemes so that the money saved does not lose its value.