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High inflation in recent years has led to a significant increase in the prices of food, energy and various consumer goods. Not only do households have to save more money, but slow wage growth in 2021 and 2022 has also forced many households to consider reducing and postponing purchases of non-essential items. As a result, we currently need more money than ever to meet our needs. How much money is enough for you?
Data from the Statistical Office of the Slovak Republic show that last year the average nominal wage increased by the most in nearly 19 years. The average employee received a 9.7% increase in wages, earning 1,430 euros per month. Just as importantly, this strong growth stopped the decline in real wages seen in the previous two years, so households were able to loosen their belts a little again. However, the question remains whether the increase in wages is enough to meet all needs and achieve comfort. In a survey on our website, we asked Slovaks how much money they need to live comfortably. Openazochi In April, the company prepared a survey based on a sample of 506 Internet users aged 15 and above. Solutions Group.
Only one in 20 spends more than $3,000
The survey results show that opinions on the amount of sufficient personal net income monthly incomeable to meet all needs and provide comfort, vary widely. 4.8% of respondents indicated a minimum amount of less than 500 euros. A little more, then for 16.8% of respondents an income of 500 to 999 euros would be enough, a quarter of respondents gave the answer of 1,000 to 1,499 euros and less than one in ten respondents. Almost the same share of answers also received an income of 1,500 to 1,999 euros.
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12.2% of respondents said that an income of 2,000 to 2,499 euros (which is above average even in the wealthiest Bratislava region) would be enough, and another 5.9% would not exceed three thousand euros. 2.6% of respondents said that the minimum income to meet their needs is 3,000 to 3,499 euros, and 2.8% of respondents need more than 3,500 euros per month. 4.7% of respondents were unable to express their opinion.
The differences mainly reflected in the age groups
At first glance, it seems regional differencewhich is important in Slovakia and will have a strong influence on the share of answers. Quite the contrary is true, despite the different costs of living, western, central and eastern Slovakia are relatively similar. However, this is not the case for individual age groups.
A whopping 10.8% of respondents in the youngest monitored group, aged 15 to 34, said that a maximum of 500 euros would be enough to meet all needs and ensure comfort. However, the logical explanation is that this response is mainly made by students, who have a lower cost of living. In contrast, only 1.7% of people aged 35 to 54 and only 1.5% of those aged 55 and over would be able to earn up to 500 euros per month. The most common answer was 500 to 1,500 euros, with the oldest age group receiving a total of almost 70% of the share.
On the other hand, the younger age groups gave answers of more than 1,500 euros in more than half of the cases. This is probably mainly related to the need to start a family or to support oneself. housingDifferences between educational groups are also evident. For primary and secondary school respondents without a high school diploma, income is adequate, especially in the category below €1,500, while respondents with higher education make up the largest share of respondents above €2,000 among all monitored groups.
Wages are expected to increase this year
According to the latest data from the Statistical Office of the Slovak Republic in the first quarter of this year, nominal and real wages in all sectors are expected to continue to grow, which is consistent with the reduction in inflation This is good news for the majority of employed people. As a result, Slovaks will likely be able to enjoy more things again. But don’t forget that extra money should not only be used to increase consumption, but also to invest or build reserves for emergencies.
The study was conducted by the institution ResSOLUTION Group The method is through online data collection on a representative sample of the Internet population of the Slovak National Panel. It is one of the largest research panels in Slovakia with currently 25,000 respondents. Its sponsor is the European National Panels company, which besides Slovakia also operates online panels in the Czech Republic, Poland, Hungary, Bulgaria and Romania. Would you like to take part in similar surveys? Or do you know someone who would be interested? Anyone can create a profile on the Slovak national panel sudden.
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