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Gauge of financial well-being puts Hungary above European avg

Hungariansʼ financial well-being is ahead of that in neighboring countries and just over the average for Europe as a whole, according to Swedish company Intrumʼs annual European Consumer Payment report, state news wire MTI reports.

 In a gauge of financial well-being, which factors in the ability to pay bills on time, credit freedom, saving for the future and financial literacy, Hungary scored just over the average for Europe. Hungaryʼs score of 6.24 on a scale of one to 10 was also ahead of scores for the Czech Republic (6.16), Poland (5.54) and Slovakia (6.19).

In the credit freedom pillar of the gauge, Hungary ranked first among European countries with a score of 7.97. Intrum noted that data from Eurostat show Hungaryʼs debt-to-income ratio is the lowest in Europe, indicating a low dependency on credit. A little more than three-fourths of Hungarians have not borrowed money, apart from a mortgage, or reached their credit card limit in order to pay bills, over the past six months, it added.

Hungary was also ahead of its neighbors in terms of financial literacy, ranking 12th, just behind the Netherlands, with a score of 6.54. Hungary was ahead of the Czech Republic (5.78), Poland (4.63) and Slovakia (6.07) which were all under the 6.32 average for Europe.

Hungary ranked 20th of 24 countries for the pillar gauging ability to pay bills on time, the proportion of salary remaining after bills are paid and gross disposable household income per capita. Hungaryʼs score for the pillar was 6.07, under the scores of the Czech Republic (6.38), Poland (6.16) and Slovakia (6.35).