Almost a third of Slovaks do not have a financial reserve- (source: Sme)
Almost a third of Slovaks say that the current crisis has had a negative impact on their personal monthly income. Their pay has decreased compared to the past.
On the contrary, the income of approximately half of Slovaks has not changed, and less than a fifth had even higher income during the past year. This stems from a survey carried out by the Focus agency for mBank.
Low-income households affected the most
People coming from low-income households reported the negative impact in particular.
All or part of their income has been lost by 37 percent of respondents from households with a net income up to €800, and 47 percent of people with income from €801 to €1,100.
These are often people with lower education and who work in less qualified jobs, who find themselves in a cycle of financial problems from which it is difficult to get out, says Martin Slosiarik, Focus agency head and sociologist.
The good news is that, compared to previous surveys, the reduction in personal monthly income is on a downward trend.
A third of Slovaks have no financial savings
More than two-thirds of Slovaks aged 18 to 60 currently have savings, with a quarter having at least one month's salary worth of savings. On the contrary, almost a third of respondents do not have a financial reserve.
Compared to 2021, the share of those who have created a financial reserve increased slightly by 6 percentage points, from 63 percent to 69 percent in 2022.
The survey also showed that last year almost two thirds of Slovaks changed their financial behaviour. This includes limited spending, saving money regularly, investing in funds, or cancelling some kind of insurance.
In comparison with the 2021 survey results, slight shifts occurred in the financial behaviour of Slovaks. For example, the total share of those who did not change their spending decreased from 50 percent to 40 percent in 2022. At the same time, the share of people who regularly save has increased from 13 percent to 18 percent.
