Financial awareness improves, despite reluctance of consumers to spend

Analysis

Since the outbreak, more people are afraid of higher spending, but at the same time, the financial awareness of households has improved, according to auction house and mortgage broker BÁV, writes hrportal.hu.

According to its survey, two-thirds of households started to save as a result of the second wave. Some 45% of respondents fear their income will become precarious, with nearly one in five expecting their monthly income to fall by at least a third.

Also, the proportion of those who are uneasy about extra heating and holiday costs is close to 50%, and almost 20% have no reserves. As a result of the epidemic, 60% curbed its spending, a 10% increase from half a year earlier.

The majority of the respondents will spend between HUF 25,000 and HUF 50,000 on Christmas expenses, some 13% will spend less than HUF 10,000, while 15% will spend more than HUF 50,000, and 7% more than HUF 100,000 during the holiday period, they wrote.

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