Survey: 52% of Slovaks in Worse Financial Situation Than Previous Year

Bratislava, 3 August (TASR) – Eight out of ten people in Slovakia report higher monthly expenses compared to last year, with a third experiencing a significant increase and the most commonly cited increase ranging between 100 and 200 euros per household, according to a survey conducted by Ipsos on behalf of Home Credit Slovakia between 2 and 5 June. Despite rising costs, only about a quarter of Slovaks are earning more, while the majority report no change in income since 2024. The survey results established that 52 percent of respondents perceive their current financial situation as worse than a year ago. More than 40 percent said they have had to reduce overall spending. Price increases are most often attributed to general inflation, with rising food prices cited most frequently. Thirty-three percent of Slovaks report significantly higher monthly expenses, and another 47 percent say their expenses have increased slightly. In total, 80 percent have seen a rise in costs, while 16 percent report no change and only 3 percent are spending less. „Significantly higher expenses are most common among households of four members, residents of the capital city, and those aged between 36 and 53,” said Jaroslav Ondrusek, analyst at Home Credit. The Ipsos data show that 32 percent of respondents saw monthly expenses rise by 100 to 200 euros, 26 percent by 50 to 100 euros, and 17 percent by 200 to 300 euros. A further 6 percent reported an increase of 300 to 500 euros, and 4 percent said their expenses have risen by more than 500 euros per month. The most cited reasons for rising household costs were general price increases (80 percent), more expensive food (79 percent), higher taxes (54 percent), increased service costs (52 percent), and rising energy prices (50 percent). „While most people report higher spending, income growth has not kept pace. About half of Slovaks (54 percent) are earning roughly the same as last year, while 22 percent report a slight increase. Only 2 percent say they are earning significantly more. On the other hand, 15 percent are earning slightly less, and 7 percent significantly less,” Ondrusek added. Higher declared expenses have forced many Slovaks to cut back. More than 40 percent report limiting their overall spending. Reductions were also made in clothing and footwear (36 percent), travel (34 percent), purchases of expensive household items (33 percent), and groceries (27 percent). Fewer than one in five said they did not need to make any cutbacks. mf