Hungarians need more money to make ends meet, owing to soaring inflation

A recent survey conducted by Egyensúly Institute reveals that Hungarians are becoming increasingly pessimistic about their financial situations. People find themselves in need of greater financial resources to cover their monthly expenses. Unfortunately, only a small number anticipate receiving a wage raise or any other additional income to bridge this gap. As a consequence, some individuals may struggle to keep their homes adequately heated during the winter.

How much money is necessary for survival?

According to 24.hu, reported that Hungarians require a minimum of HUF 250,000 (EUR 645) each month to meet basic needs. To lead a comfortable and worry-free life, this figure more than doubles to HUF 600,000 ( approximately EUR 1,550). The last survey was conducted in June, and since then, the population has grown even more pessimistic. The percentage of those expecting a decrease in income over the next three months has risen by 6 percentage points. The majority of people, 63%, believe that their monthly incomes will remain unchanged.

Rising costs

Despite the acknowledgment that HUF 250,000 (EUR 645) is the bare minimum required, the cost of living an average life exceeds this amount. The average cost of living in Hungary is estimated at around HUF 400,000 (EUR 1,030). As mentioned earlier, a comfortable life comes with a price tag of HUF 600,000 (EUR 1,550). This figure is significantly higher than what people indicated at the beginning of summer. In the previous survey, respondents stated that HUF 500,000 (EUR 1,290) was sufficient for a comfortable life, which is approximately HUF 100,000 (EUR 260) less than the current study has revealed. The average cost of living has also increased by HUF 50,000 (EUR 180). These figures may be startling, especially considering that the previous survey was conducted just a few month ago. Inflation has been running high in Hungary, but experts are making positive predictions for 2024, as we have reported HERE.

A bleak perspective

The survey has also disclosed that 4% of the population has no income, while an additional 46% earn less than HUF 250,000 (EUR 645). Nearly half of the population relies on financial assistance from family and friends to make ends meet. 37% of the population earns a salary between HUF 250,000 (EUR 645) and HUF 400,000 (EUR 1,030). Respondents were also asked if they could comfortably cover an unexpected expense of HUF 100,000 (EUR 260). The majority of them would encounter difficulty covering this additional expense without any trouble.

62% of the respondents indicated that they will be able to pay their heating bills during the winter. However, it is disheartening to note that 25% will be unable to maintain heating at all times, and an additional 9% cannot afford to cover the heating bills and reside in a warm home. We have recently reported on a shocking ranking that suggests that Hungary is among the poorest countries in Europe.

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