2023-10-17 14:10:09
standard of living
Written by Rainer Ackermann
To barely make ends meet, the Hungarian now needs 250,000 forints (640 euros) net per month.
This is shown by a survey conducted by the Egyensúly Institute (ESI) in September, which researched subjective poverty trends. For an average standard of living, 400,000 forints net per month are now required, and for a carefree life at least 600,000 forints per month. These values are – certainly not independent of the high inflation – 50,000 and 100,000 forints higher than in the previous surveys in April and June.
Half below the “subsistence level”
According to the quarterly study, 4% of respondents currently have no income at all, while another 46% have income of less than 250,000 forints net per month. This means that half of those surveyed are unable to independently secure the finances required for the “minimum subsistence” and are therefore dependent on help from household members or relatives. Another 37% set their monthly income in the range of 250-400,000 forints. This means that almost nine out of ten Hungarians do not achieve the income level from which they expect an average, comfortable life. The proportion of respondents who earn 400-750,000 forints net per month fluctuates between 11 and 13% in 2022/23, while the proportion of the “rich” (from 750,000 forints net and up) fluctuates around 2%.
One in four Hungarians is at risk of freezing
In line with these statements, 7% said that they found it difficult to manage their current expenses, and another 14% had all sorts of difficulties with this. 30% of those surveyed make ends meet relatively easily, and one in ten Hungarians lives without worries. 28% of Hungarians would not be able to cope with a sudden expenditure of 100,000 forints; another 41% would be able to do so, but at the same time would exhaust their reserves. On the other hand, there are the 27% who have no trouble raising a sum of this magnitude. Before the start of the heating season, 9% said they would not have the money to keep their apartment warm in the winter. One in four Hungarians sees major challenges ahead in this regard.
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