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.

ADVERTISEMENT

531 new coronavirus cases registered in Hungary Figures

531 new coronavirus cases registered in Hungary

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.