Income

A third of Austrians report a drop in income over the past year – Statistical Agency

VIENNA (UrduPoint News/Sputnik – October 12, 2022) Around 2.3 million Austrian citizens, or a third of the population, have experienced a drop in income over the past year, according to a survey by the Federal Office Austrian statistics on Wednesday.

The survey, which takes place once a quarter, questions Austrian citizens between the ages of 16 and 69. The new study looks at the social situation in the second quarter of 2022 and interviewed 3,120 people.

“High inflation was most often cited as the main reason for the loss of income, the survey said, adding that reduced working hours and wage cuts are not considered by citizens as the main reasons for the loss of income. reduced revenue,” the agency said in a ballot report.

Thirty-one percent of respondents also expect their household income to decline over the next 12 months, while 44% of respondents say they will reduce spending on major purchases, for example, furniture , the car or vacation, which represents a significant increase compared to the two previous studies, adds the survey.

At the start of the summer, 16% of respondents were already having great difficulty paying their living expenses, many people had exhausted their financial reserves, while 28% of respondents could not afford to spend more than 1,300 euros ( $1,262) without having to borrow money or pay in installments.

Eighty percent of respondents, an extrapolated figure of 1.1 million people, said paying the cost of housing became a major financial issue in Q2 2022, up 5% from Q1 2022 .

In addition, about 19% of respondents expressed concern that it would be more difficult to pay housing costs at the start of the summer, as well as rent or loan payments, additional housing costs and functioning.