Monday, 21 April 2014

Poll: One-third of households face financial difficulties

13 February 2013

Prague, Feb 12 (CTK) - One-third of Czech households found themselves in a difficult financial situation in 2012, which is around the same share as in 2011, with one-tenth of households being very endangered financially last year, according to a survey conducted by company STEM whose results CTK has obtained.

On the other hand, around a half of households were fairly well secured financially, the survey showed.

The current results are at roughly the same levels that STEM registered in 2007 to 2008. At that time, the share of "financially endangered" households in the Czech Republic was the smallest.

The result of the survey taken in 2010, when two-fifths of households were in a difficult financial situation and 14 percent of households were very endangered, probably reflected the state after the first wave of the economic crisis.

In the past five years, the financial situation of older people has improved, while the financial situation of younger people has worsened.

The share of people who are worried or feel insecure about the economic development has dropped from 81 percent in 2011 to 73 percent.

"The long-term time line monitoring data for 20 years shows that this is a value that has been basically normal since 1997. Values have oscillated around this level in a range of roughly from 60 to 80 percent," STEM said.

The recent maximum value was the 81 percent share registered in 2011.

As regards social groups, among risky groups are students of whom 55 percent admit that they have financial problems. Financial problems were also admitted by 64 percent of unemployed people.

In contrast, occurrence of financial problems among pensioners is average, with around one-third of pensioners reporting such problems.

Financial situation is significantly influenced by education, according to STEM. The better is the achieved education of respondents, the better they assess their financial situation. The differences among education groups have not changed significantly in the past five years.

The share of people who are overall dissatisfied with their life despite being in a good financial situation also increased moderately compared with 2008.

A total of 1,119 people older than 18 years took part in the poll conducted by STEM in January.

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