K&H: a significant part of Hungarians could only go without pay for 1 month

By: Trademagazin Date: 2022. 09. 02. 10:02

Although salaries have risen significantly in recent years, by more than 15 percent, the period that can be bridged without a salary has not increased. 30-59-year-olds could bridge an average of 7 months this way, according to the K&H Safe Future survey.

Hungarians have no savings

In addition, 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 turned 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 significantly, a year earlier this was true for only 18.4 percent of them.

Average wages in Hungary have risen significantly in recent years. In June of this year, for example, the net average salary without discounts 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 by 9-13 percent annually. 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 representative 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, and then in 2019 and 2020 and in 2021 both amounted to 7 months.

K&H