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The crisis of the crown, which has been going on for months, has long since reached ordinary and simple employees. At the end of the month, the Swiss are left with less and less of their high gross income compared to other countries. There are growing concerns that they may meet their financial obligations too late or in the medium term. This is demonstrated by a study by the debt collection company Intrum.
Compared to the previous year, the proportion of those who are pessimistic about the future has increased by 10 percent. Even more dramatic: today one in two Swiss fear that they will not be able to afford a comfortable retirement.
Swiss households most affected
It’s a drop from a great height that Switzerland has to accept on the ranking list, which shows the financial well-being of consumers in 24 European markets, according to an Intrum press release. Specifically: last year it was still in the top four, but this year it slides down to 15th place and thus its bottom half.
However, Switzerland is by no means alone: the economic upheavals of 2020 spared no European country. Although around 35 percent of all respondents in the 24 countries had to cope with a decline in income, the Covid 19 crisis had a stronger impact on Swiss household finances in comparison.
Spending increases faster
About half of those surveyed in Switzerland stated that their expenses were growing faster than their income. It is the high cost of living that is putting particular pressure on the budget of the local population.
Thomas Hutter, CEO of Intrum Switzerland: “More than every second Swiss citizen, that is 55 percent of those surveyed, has less than 20 percent of their income left after paying all household bills in order to month”. For comparison: among consumers in EU countries, the average is 41 percent. (pbe)
