Survey: Slovaks Need €2,720 for Decent Life, Many Lack Savings

Bratislava, 12 September (TASR) - Slovaks don't associate a decent standard of living with luxury, but primarily with dignified housing, quality food and financial security, for which they would need an income of €2,720 per month on average, according to a survey carried out by the Focus agency for the Partners Foundation on a sample of 1,032 Slovaks in June, which has revealed that 39 percent of households don't feel that they are living in this way. "People don't compare themselves according to the prospect of a luxurious lifestyle; they assess whether they can handle everyday expenditures and whether they can look to the future without fear," explained sociologist Martin Slosiarik from Focus agency. Robert Varsanyi from the Partners Foundation added that people associate a decent life with being able to cover housing, food and bills, while also having a reserve for unexpected expenditures. However, the survey revealed that this basic sense of security is precisely what many households lack. According to the survey, the average amount needed for this is €2,720 per month, and almost half of households can manage on up to €2,200. However, requirements also vary depending on the number of family members. While only 6 percent of individuals need €3,000, this amount is required by as much as 39 percent among families of five or more. Two-fifths (39 percent) of Slovak households stated that they aren't living a decent life, with income being the key factor. While only 35 percent of people with an income under €1,000 feel that they have a decent standard of living, this rises to as much as 82 percent for those with an income over €2,600. "The majority of households (87 percent) are feeling the financial impact of the consolidation measures on the family budget, and more than a third of the respondents said that their situation has worsened over the last 12 months," added Slosiarik. According to the survey, the savings of Slovak households are at a ten-year low. Almost a quarter of them say that they have no savings, while only 14 percent have the recommended six-month cushion, but the size of the reserve directly determines the sense of having a decent life. Among respondents without any savings, only 32 percent feel this way, as opposed to 91 percent of those with a sufficient reserve. "With a financial reserve, people have more time to make decisions with a clearer mind when an unexpected situation arises," said personal finance expert Andrea Kasanicka Strakova from the Partners Foundation. jrg/df/mf