Many Hungarians Are in Poor Financial State

More than a third of Hungarian adults have only enough savings for one month, according to research by K&H Bank.

According to the survey, Hungarian adults aged between 30 and 59 have an average of seven months' worth of savings, but there is a wide variation. 36% of respondents said they could only cover one month's expenses without a salary (a similar proportion year on year for the last 5 years). Meanwhile, 23% could survive three months without a salary, 14% said six months and a further 14% said one year. Only 5% of respondents think they could live without a salary for more than 2 years.

The authors of the survey also pointed out that average wages in Hungary have risen significantly recently, with the average net salary excluding discounts approaching HUF 335,000 in June this year. The fact that people have no savings despite this is partly explained by the fact that in recent years, many people have spent the surplus on investments such as renovating their homes, buying cars or durable consumer goods.

Analysts also found that the situation has worsened compared to the previous year. A quarter of respondents now say they cannot or do not save money.