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One in ten Swiss worried about money at the end of the month

Summary:
A study published this week by the Federal Statistical Office (FSO) shows nearly 1 in 10 (9.9%) people in Switzerland has trouble making their money last until the end of the month. And, 4.9% had to go without goods, services or social activities due to a lack of money. The study is a European comparison of life satisfaction and draws on data from 2022. Photo by Andrea Piacquadio on Pexels.comDespite the financial challenges faced by some, Switzerland had the highest average life satisfaction rating in Europe. The average rating was 8.0 out of a maximum of 10, well above the EU average of 7.1. The lowest rating was in Bulgaria (5.6). Switzerland was also well ahead of most of its neighbours. Austria (7.9) was close. However, Italy (7.2), France (7.0) and Germany (6.5) were

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A study published this week by the Federal Statistical Office (FSO) shows nearly 1 in 10 (9.9%) people in Switzerland has trouble making their money last until the end of the month. And, 4.9% had to go without goods, services or social activities due to a lack of money. The study is a European comparison of life satisfaction and draws on data from 2022.

One in ten Swiss worried about money at the end of the month
Photo by Andrea Piacquadio on Pexels.com

Despite the financial challenges faced by some, Switzerland had the highest average life satisfaction rating in Europe. The average rating was 8.0 out of a maximum of 10, well above the EU average of 7.1. The lowest rating was in Bulgaria (5.6). Switzerland was also well ahead of most of its neighbours. Austria (7.9) was close. However, Italy (7.2), France (7.0) and Germany (6.5) were significantly behind Switzerland.

Switzerland’s poverty rate was 8.2%. Poverty in Switzerland is defined as a monthly income after taxes and health insurance of less than CHF 2,284 for an individual and under CHF 4,010 for a family of two adults and two children. In 2022, 8.2% of Switzerland’s population was below this level, down from 8.7% in 2021.

Higher rates of poverty were found among single parent families (14.3%), foreign residents from beyond Europe (15.0%) and those not working (16.8%), particularly families with only one parent (20.5%) and those over 65 (23.5%). Not working is the biggest single driver of poverty. The poverty rate fell to 3.8% among those working.

On health, Switzerland had the best scores in Europe. 4% described their health as poor or very poor, a percentage that fell to 1.3% among the 20% of the population with the highest incomes. This figure rose to 7.5% among those with the lowest 20% of incomes. At the other end of the scale was Latvia where 14.2% described their health as poor or very poor, a figure that leapt to 28.2% among those with earnings in the lowest 20% of the population. The EU average was 8.7%, with a range of 4.2% to 14%.

Life in Switzerland is good for a greater percentage of the population than in any other nation in Europe. However, for a significant slice of the population, some combination of low educational attainment, unemployment, single income parenting and poor health come together to make life difficult.

More on this:
FSO article (in French) – Take a 5 minute French test now

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