One in two Swiss people are struggling after three months without an income
Keystone-SDA
The Swiss save money, but for many, their financial reserves are not enough to cope with a prolonged loss of income. Almost one in two people would struggle to maintain their standard of living after just three months without an income.
This is the finding of a study by the Zurich University of Applied Sciences (ZHAW).
According to the survey, 82% of respondents save at least occasionally. Despite this, 15% do not have sufficient liquid reserves to maintain their standard of living in the absence of income, and a further 30% could cover their expenses for a period of between one and three months.
Overall, almost 45% of those surveyed would therefore face financial difficulties after three months without an income. At the other end of the scale, 23% have sufficient liquid savings to maintain their standard of living for over a year.
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“Saving regularly does not necessarily mean that a household is sufficiently prepared for a loss of income: it is also crucial how much cash is already available and how long it would last in an emergency,” explains Selina Lehner, an expert at ZHAW, quoted in a press release.
The main source of financial concern is the rise in fixed costs, cited by 22% of respondents. This is followed by insufficient financial security in the run-up to retirement, highlighted by 12%, and the fear of being unable to fund future wishes and goals, cited by 11%.
The rise in recurring expenses is a particularly significant problem for households with limited savings: rent, health insurance premiums and other regular outgoings can gradually erode the financial buffer available to cope with unforeseen events.
“Rising fixed costs do not place a one-off burden on households, but month after month: when liquidity is limited, they reduce the financial buffer and make it harder to absorb unexpected expenses,” observes Holger Hohgardt, another specialist at ZHAW, who is also quoted.
Difficulties are also evident in managing day-to-day expenditure: over the last twelve months, almost one in four people – 24% of those surveyed – have had to borrow money. Taxes are another source of concern: 29% say they have had difficulty paying their tax bill on time in at least one of the last five years.
As regards financial goals, 29% of respondents consider maintaining their standard of living a priority. A further 24% aim above all to avoid financial worries in their daily lives. The study also highlights a significant difference between overall satisfaction and satisfaction with personal finances: on a scale of zero to ten, satisfaction with life averages 7.2 points (out of 10), while financial satisfaction stands at 5.6 points.
According to the ZHAW, the findings of the survey – which polled 963 people in June – suggest that the ability to save does not necessarily equate to solid financial security. The immediate availability of money, particularly in the event of job loss or other interruptions to income, remains a key factor in households’ financial stability, the researchers point out.
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Translated from Italian, reviewed by an English Department journalist.
