Provident: A growing number of Hungarians are finding it challenging to survive on their income

It was highlighted that the data draw attention to the worrying extent of financial vulnerability, which has not only economic but also social consequences: an unexpected expense or loss of income would already mean a serious crisis for many.

According to the representative research covering 9 countries commissioned by Provident Pénzügyi Zrt., International Personal Finance – IPF, almost half of the Hungarian population, 47.7 percent, can only save 20 percent of their income at the end of the month.

The situation is particularly worrying for those who are completely unable to save, with 27.1 percent of respondents currently living paycheck to paycheck. This rate is steadily rising, from 21.1 percent in 2022, to over 25 percent in 2023 and 2024, and reaching 27.1 percent this year, they said.

They added that in Provident’s other European markets – Poland, the Czech Republic and Romania – an average of 18.6 percent of the population is unable to save money.

They pointed out that gender differences are also reflected in the data, with 32 percent of women saying they are unable to save at all, compared to 20 percent of men.

Men are better at saving in all categories examined, which is likely due to persistent inequalities in the labor market.

Thirty-six percent of 18- to 34-year-olds are able to save more than 20 percent of their income, while 15 percent are unable to do so at all. In contrast, half of middle-aged adults (35-54 years old) are able to save less than 20 percent, and a quarter have no money left at the end of the month. Nearly 40 percent of those over 55 are unable to save anything, they added.
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