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Thirty-six percent of Hungarians could make a living on their existing savings in just one month if their regular monthly income were to cease, according to a K&H survey, which was reported to MTI on Tuesday.
The communication emphasized that Hungarians could survive an average of 7 months with their existing resources. This is the same level as the previous year and represents a 1-month increase over the 2018 result.
According to the survey, 8 percent of the population has the necessary financial background for 1 or 2 years, and 5 percent said they could live without income for more than 2 years.
Browse by gender,
41 percent of women and 30 percent of men would go up to a month without income
The financial institution drew attention to the inequalities.
In the eastern part of the country, 43% of households are in the most vulnerable category,
in the western and central part of the country their participation is only 31 to 32 percent, while in the capital it is only 25 percent.
According to the research, 79 percent of those who lost their jobs due to the epidemic could earn a living from their reserves for up to 3 months.
Zsuzsa Zobor, director of K & H’s fund manager, said the proportion of those who have sufficient reserves for a very short period is significant. That is why it is important that stakeholders start saving as soon as possible, so that they can expect an abrupt change with a more stable environment.
The survey was conducted by the financial institution on behalf of the Free Association. The survey involves 500 people per quarter and the sample is nationally representative of the online population ages 30-59. Data collection took place between May 22 and June 2, 2020.
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