Survey: Almost one in four says that income is not enough to cover rising consumer prices

Survey: Almost one in four says that income is not enough to cover rising consumer prices

With consumer prices rising this year, almost one in four Finns said they don’t think they can cope with their living expenses, according to a recent study by Taloustuktuikma.

Almost half of the respondents expected their financial situation to worsen this year.

"In particular, working people aged 35–49 believe that their financial situation will deteriorate this year. This is partly explained by the fact that this year’s salary development has been moderate," said Masa PeuraDirector of OP’s everyday banking operations.

Most people save on food and groceries

According to the study, the majority of Finnish consumers restrained their spending on food and groceries, restaurants and cafes, travel and fuel.

Most of the respondents also reported that they had reduced unnecessary driving, and almost a fifth said that they walked and cycled more often than before.

Especially young people suffer

15-24 year olds were most affected by the price increases, 65 percent of whom said that the increases had a negative impact on their consumption.

"Many young people have not yet accumulated their own wealth and do not always have a salary, so they are looking for cheaper options to purchase essential goods," The deer said.

The study also showed that women save significantly more money than men on food and groceries, for example.

Although the rise in prices did not yet affect their own households, almost all respondents indicated that they were worried about them.

Around 1,000 people aged 16–79 answered the survey online in June and July. The survey was conducted by OP Financial Group.

Finland’s inflation rose to around 7.8 percent in June, which is the country’s highest rate since 1984.

Source: The Nordic Page




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