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Young Hungarians seek financial independence

More than half of the young generation of Hungarians aged 19-29 have an income from a full-time job, while less than one third receive financial support from their families, according to a youth index compiled by K&H Bank.

Salaries have been growing steadily in recent years. According to data from the Central Statistical Office (KSH), net wages grew by 12.9% last year. This increase has impacted a large majority of the 19-29 age category, with half of them sensing a positive development in their financial situation, according to a survey by K&H Bank, cited by business news portal

The majority of those aged 19-29 have a salary from a full-time job. Only 30% rely on financial support from their families, while state subsidies bring revenues for 19%. Those earning money from part-time or temporary jobs account for 25%.

As for the perception of salary increases, 43% said they see pay rises as small and 7% as big. Only 11% said their salary had decreased, while for 39% it remained unchanged.

Young people aged mainly 19-25 still receive support from their parents, with 44% of those questioned in this age category enjoying some income from their families. This rate is higher in the case of students, at 55%, but much lower among those aged 26-29, where only 10% receive family support, the K&H youth index shows.